Canon achieves double-digit growth
April 26, 2023
The company has released its first quarter 2023 financial results, recording double-digit sales and profit growth.
Canon’s net sales for the reporting period increased 10.4% to ¥971.1 billion ($7.3 billion/ €6.6 billion) year-on-year. Operating profit increased 10.9% to ¥84.5 billion ($634 million/ €574 million) and net income increased 22.7% to ¥56.4 billion ($423 million/ €383 million).
As for Printing, although significant growth in the unit sales of office MFDs led to higher revenue, profit was lower, as printer consumable sales was impacted by the economy, Canon explained. Printing recorded net sales of ¥558.2 billion ($4.2 billion/ €3.8 billion), a 10% increase year-on-year.
In the first quarter Canon increased office MFDs unit sales by 28%. Laser printer sales in the first quarter were impacted by the economy, according to Canon. Unit sales particularly of low-end models declined. Sales of consumables also decreased, resulting in lower overall revenue. However, thanks to increased sales of higher priced medium-and high-speed colour models, Canon said its product mix improved.
Canon added that it is looking to expand its ink tank line-up to “address the demand of small-and medium-size businesses” and “in line with the launch of new products, we will also increase sales by expanding our market share through sales promotions targeting mass retailers.”
Canon now projects for the full year to increase net sales by 7.0% year-on-year, operating profit by 7.5% and net income by 16.8%.
For Printing, in response to solid demand, Canon said it will work to expand sales of office MFDs and inkjet printers in the second half of the year and at the same time strive to raise profitability.
Categories : City News
Tags : Business Canon Inc. Financials OEM
