NSG Group, a global glass manufacturer and parent company of Pilkington, saw a decline in revenues in fiscal year 2021 compared to 2020 yet still exceeded its expectations, according to a recently released financial report.
The company totaled $4.57 billion for the year, down 10.2% from $5.09 billion the year before but greater than its previous forecast of $4.49 billion. According to the report, the year-over-year decline was due to a “dramatic decrease in demand in the first quarter.”
In the company’s automotive glass segment revenues in this category declined 12.7% year-over-year. This was primarily due to lower demand in the first quarter, as demand recovered substantially by the fourth quarter of the fiscal year.
“Recovery of revenue is evident in Europe, China and South America,” the report reads. “Recovery in production volumes and benefits from cost reduction initiatives, along with production efficiency improvements in North America and Japan contributed to the year-on-year improvement of profit during the last quarter.”
Revenues in the Americas region declined 14.1% from fiscal year 2020 to the same period in 2021.
NSG forecasts a 6.2% increase in fiscal year 2022. “Revenues are planned to increase reflecting the overall stable market environment,” the company reports.
*All dollar figures were converted from Japanese Yen (JPY) to United States Dollar (USD) on May 17,2021.