Canon Reports Strong Growth in Q3

Canon Reports Strong Growth in Q3

For the third quarter of the fiscal year 2023 (Q3, 2023), Canon reported a 2.9% year-over-year growth in net sales. Canon claimed it signified the 11^th consecutive quarter it achieved sales growth. It is also the first time since 2007 that Canon sales exceeded one trillion yen, thanks to new business growth and yen depreciation.

Some highlights of Canon’s Q3 fiscal results include:

• Net sales increased 2.9% to JPY￥2 billion yen (US$6.8 billion )
• Operating profit increased 1.5% to JPY￥6 billion yen(US$549.79 million)
• Net income increased 14.8% to JPY￥1 billion yen(US$413.34 million)

For the first nine months of the year, Canon’s net sales totaled JPY￥3017.3 billion yen (US$20.08 billion ), an increase of 5% year-over-year. Total operating profit reached JPY￥259.4 billion yen (US$1.73 billion), an increase of 1.3% year-over-year. Total net income turned up to be JPY￥183.9 billion yen (US$1.22 billion), an increase of 15.6% year-over-year.

Under softening demand and a recovery in product supply volumes, Canon lowered its full-year sales projection to reflect the resumption of price competition for some products.

Canon expects net sales to increase by 4.7% to JPY￥4220 billion yen (US$ 28.08 billion), operating income to increase by 13.2% to JPY￥400 billion yen (US$2.66 billion), and net income to increase by 19.7% to JPY￥292 billion yen (US$1.94 billion).

“In the fourth quarter, we expect weak demand in China to continue. However, in addition to being able to land many large deals, particularly in Europe, we see strong sales of low-speed and A4 models through our indirect sales channel of dealers in the Americas and expect unit sales to exceed those of last year. And together with the growth of more than 20% in the first half of the year, we plan to continue to outperform the market for the year and increase unit sales by 7%. By increasing our market share and increasing MIF, we will steadily advance our goal of raising profitability through our strategy that will lead to an increase in service revenue,” said Canon spokesperson.

Related：

• Canon Reports Growth for Q2 2023
• Canon Releases Consolidated Results for Fiscal Year 2022
• Canon Q3 Reports Weaker Demand for Consumables
• Canon Reports Continuous Growth in Q2
• Canon Reports Growth in Q1 2022

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