Canon Revised Results Forecast

Canon Revised Results Forecast

As the markets recovered earlier than expected in the third quarter, Canon Inc. passed a Board of Directors’ resolution and revised its consolidated results forecast for the fiscal year ending December 31, 2020.

“The Company again raised its projection as it exceeded its previous forecast, especially for profit, thanks to sales of cameras, driven by new full-size mirrorless models, and inkjet printers, which continued to benefit from home demand,” so says the statement.

Some adjustments are as follows:

In the second quarter (Q2), Canon suffered its worst decline due to the covid-19, with earnings per share down 126.67% over the past year to $0.08 and revenue declined by 25.68% year over year which missed the estimate of $6,780,000,000.

Toshiko Tanaka, Canon’s executive vice-president and chief financial officer, said, “We sank into the red for the first time on a quarterly basis.”

Along with the announcement of Q2 fiscal results, Canon projected that net sales to decline 14.3% to 3.08 billion yen, operating profit to decline 74.2% to 45.0 billion yen, and net income to decline 65.6% to 43.0 billion yen. In its statement, Canon said, “As for COVID-19, while we expect the impact on our performance to decrease in the second half, we still estimate a full-year impact of around 480.0 billion yen on net sales and around 170.0 billion yen on operating profit.”

Related:

• Canon Shares Fall 6% Following Q2 Results

Comment:

Please leave your comments to the story “Canon Revised Results Forecast” below.