Epson reports fourth-quarter and full-year financial results
April 26, 2024
The company has published its latest financial results for the fiscal year 2023, ending March 2024.
For the fourth-quarter, Epson recorded revenue of ¥321.8 billion ($2.05 billion/ €1.91 billion), down ¥14.0 billion ($89.31 million/ €83.21 million) compared to the same period last year. Business profit was ¥10.3 billion ($67.76 million/ €61.26 million), down ¥3.9 billion ($24.89 million/ €23.2 million) in the quarter. For the fourth-quarter period, Epson’s Printing Solutions revenue was ¥230.2 billion ($1.47 billion/ €1.37 billion), down ¥9.8 billion ($62.53 million/ €58.27 million).
SOHO and home inkjet printer hardware unit sales decreased due to market sluggishness this quarter compared to the same period last year, when demand from global channels was robust. Epson reported firm ink sales and office shared printer revenue was about the same as last year.
Full-year results were ¥1,313.9 billion ($8.38 billion/ €7.81 billion) in revenue, ¥64.7 billion ($413 million/ €385million) in business profit for the period. Unit sales were negative due to a shortfall in sales of high capacity ink tank printers and visual communications, according to Epson.
Revenue in office and home printing was flat year-on-year. Unit sales of SOHO and home inkjet printers decreased due to channel inventory adjustments in the first half of fiscal 2023, after a build up of channel inventory in the fourth quarter of fiscal 2022.
Epson explained that revenue for SOHO and home inkjet printers decreased also because hardware selling prices declined compared to fiscal 2022, when selling prices stayed high. Growth in office shared inkjet printers was achieved by launching medium-speed models, a move that led to the development of new dealers and customers.
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