Canon Reports Growth for Q2 2023
According to Canon, net sales turned out to be JPY￥1020.882 billion (US$7.040 billion) in the second quarter (Q2), up 2.2% year-over-year. The increase was due to solid demand, new products that were well-received in the market, and the favorable effects of the depreciation of the yen.
Operating profit decreased from JPY￥98.475 billion (US$700.488 million) to JPY￥92.274 billion (US$636.372 million), down 6.3% year-over-year.
In Q2, income before income taxes increased 18.7% compared to the same period last year to JPY￥101.128 billion (US$697.434 million). Net income attributable to Canon Inc. reached JPY￥65.403 billion (US$451.055 million), up 10.8% year-over-year.
By segment, sales of the Printing Business Unit increased 0.8% to JPY￥574.900 billion (US$4.089 billion), and net income before tax for Q2 decreased 13.0% year-over-year to JPY￥61.6 billion (US$438.183 million).
Canon also reported consolidated results for the six months ended June 30, 2023. Some highlights include:
- Net sales was JPY￥007 billion (US$13.740 billion), up 6.1% year-over-year
- Operating profit was JPY￥749 billion (US$1.219 billion), up 1.2% year-over-year
- Income before income taxes was JPY￥662 billion (US$1.301 billion), up 23.4% year-over-year
- Net income attributable to Canon Inc. was JPY￥813 billion (US$840.090 million), up 16.0% year-over-year
For the first half, sales for the Printing Business Unit reached JPY￥1133.1 billion (US$8.060 billion), up 5.1% year-over-year. Income before income tax turned out to be JPY￥114.7 billion (US$815.902 million), down 9.1% year-over-year.
For outlook, Canon revised its forecast upward to full-year consolidated net sales of JPY￥ 4363.000 billion (US$31.035 billion), a year-on-year increase of 8.2%. Operating profit was revised to JPY￥400.0 billion (US$2.845 billion), a year-on-year increase of 13.2%. Income before taxes was revised to JPY￥425.0 billion (US$3.023 billion), a year-on-year increase of 20.6%. Net income attributable to Canon Inc. was revised to JPY￥292.0 billion (US$2.077 billion), a year-on-year increase of 19.7%.
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