Rinnai Corp. (Nagoya, Japan) released consolidated financial results for the first quarter of its fiscal year ending March 2014.
In the first quarter, ending in June 2013, had net sales of 57,880 million yen, up +9.1% from 53,031 million yen in the quarter that ended in June 2012.
Operating income in the first quarter was 4,455 million yen, up 3.7% from 4,298 million yen in the previous year's first quarter.
Ordinary income in the first quarter was 5,224 million yen, up 9.6% from 4,766 million yen.
Net income in the quarter was 3,218 million yen up 0.7% from 3,196 million yen.
For the fiscal year that started April 1, 2013, and ends March 31, 2014, Rinnai forecasts net sales of 268,000 million yen, up 6.4% from the previous year. Rinnai forecasts net income of 8,000 million yen, up 7.0% from the previous year.
Rinnai Corp. principal businesses include:
* Kitchen appliances, including tabletop stoves, built-in ranges, dishwashers, rice cookers, and ovens.
* Hot-water units: including tankless water heaters, Japanese-style bath heating systems, and dual hot-water/heating units.
* Air-conditioning and heating units, including fan heaters, fan-equipped flue heaters, gas fireplaces, infrared heaters, and clothes dryers.
* Commercial equipment, including commercial ranges and rice cookers.
* Infrared burners and components.
Rinnai's North American appliance business is predominantly in tankless water heaters.
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