Canon Discloses 2024 Q2 Financial Performance

Canon Discloses 2024 Q2 Financial Performance

Canon has released its financial results for the second quarter of fiscal year 2024, demonstrating record-high growth.

Major markets Canon aimed to compete in, including Europe and China, saw weaker demands in the second quarter due to economic slowdown caused by high interest rates and real estate slump respectively. However, due to a favorable employment environment in markets such as the United States, sales managed to grow as a result of improved real income and firm personal consumption. Overall, global demands remained solid.

Net sales recorded JPY￥ 1,167.8 billion (USD $7.6 billion), up by 14.4% compared to the same period last year.　This was mainly attributed to expanding sales of laser printers, network cameras and other products as well as the significant depreciation of Japan yen against U.S. dollar and euro. Other profit metrics also witnessed growth to different extents, resulting in a growth of 8.2% in sales, surpassing JPY ￥2 trillion (USD $13 billion) for the first time in 16 years.

For the printing business segment, Canon projected a sales of JPY￥ 654.5 billion (USD $4.26 billion), up by 13.8% year-on-year. In the second quarter, sales of laser printers began to recover, while inkjet print and office MFD sale experienced steady uptick. In addition, the digitalization printing trend and Canon’s competitive product portfolio contributed to a market expansion, leading to increase in the sales of commercial printing equipment.

Looking forward, Canon expects the political and economic uncertainty worldwide will continue to exist as a result of geopolitical tension and monetary policies in different countries. Despite this, Canon is confident that a growth is anticipated in line with the previous year and sets a record high sales target of JPY ￥4.6 trillion (USD $29.95 billion) for fiscal year 2024. To maintain the same momentum as the second quarter, Canon will focus on launching new products and enhancing marketing to stimulate demands for B2C products, including inkjet printers.

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• Canon Releases 2024 Q1 Financial Results

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