Canon releases full-year results and 2022 projections
January 27, 2022
For the full year 2021 Canon recorded a year-on-year 11.2% increase in net sales and 18.3% increase in gross profit.
Overall, for the full year 2021 Canon recorded net sales of ¥3,513 billion ($30.5 billion/ €27.3 billion), a year-on-year increase of 11.2%. Gross profit for the recording period was ¥1.628 billion, a year-on-year increase of 18.3%.
Canon’s printing business unit recorded net sales of ¥1,939 billion ($16.8 billion/ €15.1 billion), which is a 7.3% increase compared to the same period the previous year. Profit significantly improved in the business unit by 53.4% although Canon said there were supply shortages.
Canon said that the demand for printers suitable for home-use remained high, due to the steady adoption of remote working. Additionally, in 2022, Canon expects demand for MFDs to recover as the number of people returning to traditional offices is increasing.
Canon did see its performance affected “by the tight supply of products, due to component shortages and plant shutdowns” but saw “both sales and profit increased from the previous year, thanks to strong printer sales and a recovery in sales of MFDs”.
In the Prosumer section of the printing business unit, Canon recorded net sales of ¥892.5 billion, a 7.4% increase. The company said that they were unable to sell the volume of laser and inkjet printers that it targeted due to product supply shortages.
In its projections for 2022, Canon sees Office MFD unit sales to grow by 15%. For the full year 2022 Canon projects net sales of ¥2,181 billion ($18.9 billion/ €17 billion) for the printing business unit. In the prosumer section, canon predicts to increase net sales 12.3% in 2022.
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