Canon’s sales climb on printer demand
October 25, 2024
Canon Inc. delivered record third-quarter results, driven by strong demand for printing and camera products despite global economic slowdowns.
Canon Inc, reported that Q3 Sales climbed by 5.3% year-on-year, reaching ¥1.08 trillion ($7.55 billion / €6.58 billion) as steady demand for printing and imaging equipment offset sluggish performance in other areas.
Canon’s largest segment, the printing unit, saw revenue grow by 7.1% to ¥610.9 billion ($4.27 billion / €3.73 billion), largely attributed to increased sales of multifunction devices (MFDs) and laser printers, particularly in the U.S. Canon also benefited from the recovery in its OEM partner’s inventory, supporting robust sales of printing hardware and consumables.
The Imaging Business Unit also posted strong results, with sales up 8.6% due to high demand for Canon’s mirrorless and network cameras. The segment’s income climbed to ¥44.5 billion, a 9.7% increase, demonstrating Canon’s resilience in the face of economic challenges.
However, not all sectors performed equally well. The Medical Business Unit recorded a modest 0.1% revenue decline, with demand weakening in China, offsetting gains made in the U.S. market. Similarly, sales in Canon’s Industrial Business Unit fell 9.6%, reflecting reduced demand for industrial equipment and a large comparative deal from the previous year.
Canon’s quarterly operating profit rose by 18.8% to ¥98.2 billion ($686 million / €592 million), underpinned by effective cost management and an improved product mix. With year-to-date revenues at ¥3.24 trillion, Canon remains optimistic, targeting sustained growth in 2025 with a strategic focus on efficiency and innovation.
Categories : City News
Tags : 2024 Business Canon Financials Q3
