Epson Reports Revenue Growth in Q3
According to Epson, its revenue increased 22.0% year-over-year to JPY¥ 361.2 billion (US$2.8 billion) in the third quarter ended December 31, 2022 (Q3, 2022), falling short of the internal plan.
In Q3, its business profit turned out to be JPY¥31.2 billion (US$239.7 million), up 14.7% compared to the same period last year. However, profit for the period attributable to owners of the parent company decreased JPY¥ 13.9 billion (US$106.8 million).
Epson claims that revenue and business profit benefitted from exchange rate volatility, while profit for the period was hurt by foreign exchange losses caused by a weakening of the dollar.
By segment, Printing Solutions revenue increased 21.3% year-over-year to JPY¥249 billion (US$1.9 billion) in Q3, while segment profit decreased 11.5% year-over-year to JPY¥27.3 billion (US$209.8 million). Epson claims that revenue growth is due to ease of supply constraints and increased unit sales, pricing measures, and FOREX. Epson also claims that the profit decrease is due to soaring material and logistics costs and the strong dollar.
In Office & Home Printing segment, revenue increased 22.7% year-over-year to JPY¥184.4 billion (US$1.4 billion), while business profit decreased 24.6% year-over-year to JPY¥17.3 billion (US$132.9 million). In particular, inkjet printer sales increased 20% year-over-year, and revenue grew due to higher selling prices and FOREX. Inkjet printer ink revenue grew 2% year-over-year in Q3, while ink cartridge sales decreased. High-capacity ink bottle sales increased in the quarter.
As for the full-year financial outlook, Epson claims they raised the revenue outlook to JPY¥1390 billion (US$10.7 billion), an increase of JPY¥30 billion (US$230.5 million) from the previous outlook. The business profit outlook remains unchanged at JPY¥ 100 billion (US$768.4 million). The profit for the period was raised JPY¥ 8 billion (US$61.5 million) to JPY¥82 billion (US$630.1 million).
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