Rinnai Corp. (Nagoya, Japan) had net sales of 187.739 billion yen (approx. US$2.0 billion) in the first nine months of its current fiscal year. The third quarter of the current fiscal year ended on Dec. 31, 2012. The fiscal year ends Mar. 31, 2013. Net sales were up 1.6% from the same period in the previous fiscal year.
Operating income for the nine months was 20.307 billion yen, down 1.9% from the previous year's nine months. Net income was 15.206 billion yen, up 24.6%.
During the nine-months ending Dec. 31, 2012, Rinnai saw the Japanese economy experience moderate recovery of demand. Japan is continuing with restoration following the March 2011 earthquake. The company saw the domestic Japanese housing industry move steadily, with a modest increase in housing starts. This was augmented by solid replacement demand for home appliances, with the Japanese consumers generally more concerned about the environment and energy conservation.
However, the company also saw a global economy that remains unsettled, including the debt crisis in Europe and slowing growth in emerging nations - including China.
In North America, despite the economic recovery trend, Rinnai saw the hot-water unit market remain weak, including tank-based and tankless systems. The company's sales in North America were down 3.8%, to 8.169 billion yen. Operating income was down 28.9%, to 184 million yen.
to Daily News