Epson Saw Drastic Growth in Q2 Profit

Epson Saw Drastic Growth in Q2 Profit

Epson recently released its financial results for the second quarter of fiscal year 2024 (ending on September 30), demonstrating remarkable growth in line with corporate plan.

In the second quarter, revenue and business profit stood at JPY ￥337.5 billion (USD $2.2 billion) and JPY ￥27.5 billion (USD $180.7 million), respectively, marking increases of 4.3% and 211.9% compared to the same period last year. Despite foreign exchange losses due to the rapid appreciation of yen, progress in containing costs contributed to the sharp rise of business profit.

For the printing solutions business, the total revenue amounted to JPY ￥240.6 billion (USD $1.6 billion), up by 8.3%, with JPY ￥167.7 billion (USD $1.1 billion) in the office and home printing segment. Among all products, high-capacity ink tank printers saw the greatest increase in unit sales. Consequently, sales of high-capacity ink bottles also benefited from the robust performance. Additionally, the higher than expected prices in inkjet printer market except North America further contributed to the rise in both revenue and business profit.

Despite the drastic growth of business profit in Q2, Epson conservatively lowered its financial outlook to JPY￥1,340 billion (USD $8.8 billion) out of concerns for business environment change and lower prices for SOHO and home inkjet printers. However, business profit forecast remains the same, as the company intends to curb expenses in all businesses in the future.

Related:

• Epson Introduces Refurbished MFP & Cartridge Recycling Program
• Epson Boosts Printing Workflow Capabilities Through Acquisition
• Epson Releases New ColorWorks Series Label Printers
• Epson Expands WorkForce Pro HC Business Print Portfolio
• Epson Records Growth in Q1 2024

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