Pilkington Parent Company Doesn’t Snag a Net Profit for 2024

While Nippon Sheet Glass’ (NSG) automotive sector performed well, the company failed to get an overall return on sales (ROS) or net profit during its 2024 financial year. NSG’s 2024 financial year ran from April 1, 2023, to March 31, 2024.

NSG’s auto glass sector, which includes Pilkington Auto Glass, accounted for 50% of NSG’s overall sales, according to its 2024 financial year report. Broken down by region, 21% of NSG’s sales were auto glass sales in Europe, 20% were auto glass sales in the Americas and 9% were auto glass sales in Asia.

The report cites fewer supply chain constraints for the strong auto glass sales volume in all three regions.

The revenue from NSG’s auto glass segment grew from its 2023 financial year, with about $2.7 billion in the 2024 financial year versus $2.3 billion in the 2023 financial year. The report credits this growth to “further progress in negotiations for price increases despite higher input costs.”

In its 2024 financial year, NSG achieved revenue of about $5.3 billion, an increase of 9% year over year, but that wasn’t enough to earn a ROS or a net profit. In a statement, Munehiro Hosonuma, president and CEO of NSG, cited rising costs of raw materials and labor, global inflation, the economic slowdown in Europe, rising interest rates in Europe and the United States and global inflation as factors in NSG’s financial results.

Hosonuma said that NSG expects these conditions to persist into the 2025 financial year and that NSG has decided not to “declare dividends on common shares” for its 2024 financial year because of the financial situation.

“I am deeply sorry and sincerely apologize to our shareholders,” Hosonuma says. “[NSG] recognizes the importance of dividends to its shareholders and will concentrate its efforts to improve profitability and shore up its financial base with a view to the resumption of dividend payment as early as possible.”

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