Noritz: Non-Residential Markets Have Started To Grow

2025-01-12 06:14:23 ET

Summary

• Noritz is investing its large non-operating balance into industrial modernization and foreign market distribution, signaling potential profitability improvements despite tariff risks on tankless water heaters.
• The company has revised its sales expectations to 200 billion JPY for the full year, with operating income expected at 16 billion JPY, indicating soft end markets still.
• The US market faces potential tariff risks on imported tankless water heaters, but Noritz at least produced its boilers domestically in the US.
• Significant gains from ASICS share disposal and efficiency improvements in Vietnamese JV are expected to boost net income.

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