Glass Manufacturer Feels Impact of COVID Economy, Forecasts Stronger 2022May 18th, 2021 by Editor
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.”
NSG’s sales in architectural glass were down 7.8% for the year, with the Americas region recording a 3.8% decrease.
“Architectural full-year revenues and profits fell from the previous year, as the businesses were affected by lower demand caused by the COVID-19 pandemic. However, revenues and profits for the fourth quarter showed a year-on-year improvement,” according to the report.
“… In North America, volumes of glass for domestic commercial buildings were sluggish.”
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.