Nippon Paint's Shares Jump After It Raises Profit Guidance
By Kosaku Narioka
Nippon Paint Holdings' shares rose sharply after it reported a rise in third-quarter net profit and raised its earnings guidance for 2023, thanks partly to product-price increases.
The shares were recently 8.7% higher at 1,130.5 yen after rising as much as 10% earlier Wednesday morning.
Nippon Paint said Tuesday after the market closed that net profit climbed 17% from a year earlier to 32.55 billion yen ($216.5 million) for the three months ended Sept. 30. Third-quarter revenue grew 9.8% to Y392.95 billion.
The Japanese paint maker said increases in sales volume and product prices helped its earnings. Operating profit grew for Japan, Southeast Asia and Europe.
Nippon Paint raised its profit forecasts for 2023, thanks to increases in product prices, cost control in China and a weaker yen. It now projects net profit to increase 45% to Y115.00 billion in 2023, up from its previous forecast of Y110.00 billion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
November 14, 2023 21:49 ET (02:49 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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