While revenues increased for NSG’s architectural division throughout 2023 and 2024, profits took a hit as cost increases and economic slowdowns impacted global markets. NSG recently released its fiscal year (FY) annual results spanning from April 1, 2023, to March 31, 2024.

NSG reported an overall annual revenue of $5.37 billion*, up from $4.93 billion* in the prior fiscal year. Operating income increased from $225.27 million* to $231.7 million*. Officials say while the company’s operating income increased, it fell below the projected $271.03 million* originally forecasted.

“That was because a decrease in sales volume and prices in Europe was more than expected, particularly in Germany, one of NSG’s major markets,” say officials. “The impact of deteriorating economic activity is assumed to continue for the time being, so NSG will mitigate the impact by measures including production volume adjustments such as ceasing production on a float line in Germany ahead of the cold repair.”

Officials add that the significant growth of the automotive glass segment compensated for sluggish returns in the architectural and technical glass businesses. The architectural glass sector recorded FY 2024/3 revenue of $2.4 billion*, slightly higher than the prior fiscal year term. Europe was the only region where NSG experienced a revenue decline, from $1.01 billion* to $913.24 million*. Officials say Europe’s decline was due to decreased sales volumes, prices, and increased labor and material costs.

North and South America reported increased cumulative and fourth-quarter revenues along with higher cumulative profits. However, fourth-quarter profits decreased. Additionally, North American sales volumes declined due to challenging market conditions. South American sales volumes increased following the activation of a new furnace in Argentina.

Officials say demand for solar energy glass remained solid throughout the year, and the retrofit of a facility in Rossford, Ohio, for solar energy glass has progressed. Officials explain that the Rossford investment is in response to First Solar’s capacity expansion.

*Converted from JPY to USD on May 15, 2024.

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