NN Slashes FY15 Revenue Forecast On Brazilian Economic Outlook

(RTTNews) - NN, Inc., (NNBR) on Thursday lowered its 2015 revenue guidance to a range of $660 million to $670 million from its prior guidaance of $670 million to $690 million, citing continued weakness in the Brazilian economy.

Analysst polled by Thomson Reuters currently expect the company to post revenue of $680.06 million for the full year 2015.

During 2014, NN and its acquired companies sold about $47 million into Brazil. The company said it now expects 2015 revenue in Brazil to be off the planned $52 million by about 38% to 40% based on new estimates showing Brazil's GDP will contract 2% in 2015 along with the reduction in automotive build and sales estimates in the country.

NN's 2015 revenue in North America, Europe and Asia remain at or near the guidance levels previously provided.

NN said it continues to reaffirm its 2018 strategic targets.