Canon Reports Growth in Q1 2022

Canon Reports Growth in Q1 2022

According to Canon, net sales for the first quarter of the fiscal year 2022 (Q1, 2022) increased 4.4% year-on-year to ¥879.4 billion (US$6.89 billion) due to rising prices of products and the depreciation of the yen. Gross profit as a percentage of net sales decreased 0.7 points to 44.9% due to the rising costs of parts and logistics. However, Q1 gross profit increased 2.6% year-on-year to ¥394.4 billion (US$3.09 billion) due to the depreciation of the yen.

Some other highlights include:

• Operating expenses increased 1.4% year-on-year to ¥318.3 billion (US$2.50 billion)
• Operating profit increased by 7.9% year-on-year to ¥76.1 billion (US$596.67 million).
• Other income (deductions) decreased ¥3.9 billion (US$30.58 million) year-on-year to a loss of ¥8.4 billion (US$65.86 million)
• Income before income taxes increased 2.5% year-on-year to ¥67.7 billion (US$530.79 million)
• Net income attributable to Canon Inc. increased by 3.4% year-on-year to ¥46.0 billion (US$360.65 million)
• Cash flow from operating activities decreased by ¥113.8 billion (US$892.12 million) year-on-year to ¥15.4 billion (US$120.73 million)

In the Printing Business Unit, total sales were ¥504.8 billion (US$3.96 billion), a year-on-year increase of 7.5%, while income before income taxes increased 0.7% year-on-year to ¥55.1 billion (US$431.86 million) due to a recovery of services and consumables, despite rising costs of parts and logistics. Sales and income increased in the Printing Business Units as a whole, and income before income taxes as a percentage of net sales remained high at 10.9%.

For the outlook, Canon revised the forecast upward to full-year consolidated net sales of ¥3,980.0 billion (US$31.19 billion), a year-on-year increase of 13.3%. Operating profit was revised to ¥360.0 billion (US$2.82 billion), a year-on-year increase of 27.7%, while income before income taxes was revised to ¥370.0 billion (US$2.90 billion), a year-on-year increase of 22.2%. Net income attributable to Canon Inc. will be ¥252.0 billion (US$1.97 billion), a year-on-year increase of 17.4%.

Related:

• Canon Reports Significant Growth for FY 2021
• Canon Reports Growth in Q3
• Canon Releases 2021 Interim Report
• Canon Reports Strong Growth in Q2
• Canon Reveals Full Year Results for 2020

Comment:

Please leave your comments below for the story “Canon Reports Growth in Q1 2022.”