Epson Records Growth in Q1 2024

Epson Records Growth in Q1 2024

Epson recently released its financial results for the first quarter of fiscal year 2024, demonstrating notable surge in business profit.

In the first quarter, revenue and business profit stood at JPY ￥336.6 billion (USD $2.24 billion) and JPY ￥23.4 billion (USD $156.1 million), respectively, marking increases of 6.9% and 50.6% compared to the same period last year. Positive foreign exchange effects, primarily caused by the depreciation of yen, contributed to the rise greatly, together with other factors including an enhanced sales performance of printheads and a different promotion time for office and home printing devices.

For the printing solutions business, the total revenue amounted to JPY ￥235.9 billion (USD $1.57 billion), up by 9.7%, with JPY ￥161 billion (USD $1.07 billion) in the office and home printing segment. Sales of inkjet printers increased despite the fierce price competition in the market. In addition to the depreciation effects, this was mainly attributed to a broader product portfolio, robust performance of high-capacity, and the increasing popularity of ink for shared printers over ink cartridges. Consequently, both revenue and business profit exceeded the original plan.

Looking forward, Epson expects a weaker foreign exchange assumptions and hence revises its financial outlook, raising it by 3% to JPY￥1,370 billion (USD $9.14 billion). Potential risks of price changes, mainly in office and home printing devices, are considered and reflected in the forecast for this segment.

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