NSG, parent company to Pilkington, has reported that its fiscal third-quarter automotive revenue has increased to $2.2 billion USD (¥224.7 billion Yen), compared to $1.7 billion USD (¥176.9 billion Yen) in the same period of the prior year. Profits for the division were $66 million USD (¥6.7 billion Yen), compared to $27 million USD (¥2.7 billion Yen) in the year-ago period.
“In the automotive business, revenues improved from the previous year due mainly to the translational impact of a weaker Japanese Yen,” according to a company statement. “Markets remain challenging, particularly in Europe.”
Europe represents 46 percent of NSG’s automotive sales. Light vehicle sales in the European Union are at their “lowest level for up to 20 years,” according to officials. However, demand for vehicles has now stabilized and the company says it is seeing some signs of recovery. In the original equipment (OE) sector, profits grew largely due to cost savings from the restructuring program. Results in the automotive glass replacement division also improved thanks to increased demand, according to the company.
Looking to Japan, which represents 16 percent of NSG’s automotive sales, OE volumes were stronger than the prior year, officials reported. A weaker Yen supported vehicle exports. Domestic vehicle demand in the country also improved through the quarter. The automotive glass replacement demand was “stable.”
In North America, which represents 24 percent of NSG’s automotive sales, OE markets improved, according to the company. Light vehicle sales were up 5 percent year-over-year. Meanwhile, automotive replacement revenues and profits were “similar to the previous year,” officials reported.
Company wide, the NSG Group reported that its cumulative group revenues were up 17 percent for the third-quarter of the fiscal year to $4.4 billion USD (¥451.2 billion Yen).