NSG Group reported a decline in architectural glass revenue during fiscal year (FY) 2024/3 third quarter (Q3) due to challenging market conditions in North America and Europe. According to its most recent financial statement, NSG’s architectural glass segment’s cumulative FY 2024/3 revenue decreased by $8 million* to $1.8 billion*, while its Q3 revenue decreased by $80 million* to $546.3 million*. Cumulative data covers April 1, 2023, to Dec. 31, 2023. Q3 data covers three months.

Overall, NSG reported company Q3 revenues of $1.29 billion* and cumulative revenues of $4.1 billion*. Both were an increase over the same time in 2022. Operating profits in Q3 were $40.8 million*, which was a $24 million* decrease over Q2 FY 2023/3. Cumulative operating profits were $214 million*, up by $52.9 million from the same time in 2022.

Architectural Glass Sector

NSG officials reported financial declines across the board in the European architectural glass sector. While demand remained solid in new construction and renovation markets in the medium to long term, sales volumes and prices decreased because of persistent high inflation and interest rate increases. However, declining energy prices helped offset the impact of deteriorating business conditions.

Revenues and profits increased in Asia and the Americas. Officials stated that revenues and profits rose in Asia because of increases in prices and volume. The demand for solar energy glass also remained high. In the Americas, cumulative revenues and profits were up, while Q3 revenue and profits dropped, with Q3 revenue declining by $57.9 million* to $134.5 million*. Officials said this was due to challenging market conditions in North America. Strong demand in South America, along with a new furnace in Argentina, helped increase sales volume in the Americas.

*Converted from JPY to USD on Feb. 9, 2024.

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