Canon Reports Strong Q3 Growth in Printing Business

Canon Reports Strong Q3 Growth in Printing Business

Canon Inc. has officially released its financial results for the third quarter of 2024, reflecting robust growth across its key business segments, with the printing division continuing to stand out as a major contributor.

Even with weak demand observed in key markets such as China and Europe, Canon’s overall performance has continued to show steady improvement, driven by its diverse range of offerings and strategic market positioning.Canon’s total net sales for Q3 2024 reached an impressive JP¥1,079.8 billion (US$7.1 billion), marking a notable year-on-year increase of 5.3%. In addition to the solid growth in net sales, Canon’s operating profit for the quarter also experienced a significant rise of 18.8%, reaching JP¥98.2 billion (US$645.7 million). This increase in profitability is underscored by an improved operating profit margin of 9.1%, reflecting the company’s strategic efforts to optimize its cost structure and enhance operational efficiencies.

Canon’s printing business remains a vital pillar of its overall success, recording a strong 7.1% growth in sales, amounting to JP¥610.9 billion (US$4.02 billion). This growth was largely driven by heightened demand for office multifunction devices (MFDs) and laser printers. Furthermore, the sales of production printers and office MFDs both experienced steady gains, solidifying Canon’s position in the market.Looking ahead, Canon remains optimistic about its performance for the full fiscal year. The company forecasts net sales to reach JP¥4.6 trillion (US$30.24 billion) by the end of 2024. Canon’s strategic investments in its printing business and ongoing efforts to expand its global footprint are expected to drive further growth despite ongoing geopolitical and economic uncertainties.

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