Canon reports 13% net income increase

Canon Inc. reported its fiscal year net income attributable to the company was 243.96 billion yen, an increase of 13.6% from last year. Earnings per share were 236.63 yen compared to 205.29 yen. Net sales were 4.03 trillion yen, up 14.7%.

For the year ending Dec. 31, 2023, Canon expects consolidated net sales of 4.29 trillion yen, a year-on-year increase of 6.3%; operating profit of 360.0 billion yen, a year-on-year increase of 1.9%; income before income taxes of 390.0 billion yen, a year-on-year increase of 10.7%; and net income attributable to Canon of 270.0 billion yen, a year-on-year increase of 10.7%.

In the Imaging Business unit, the company said:

[Unit] sales of interchangeable-lens digital cameras were above those of the same period of the previous year due to continued robust demand for full-frame mirrorless cameras including the EOS R5 and EOS R6 as well as favorable reviews of the new EOS R7 and EOS R10 APS-C-size mirrorless cameras, despite stagnant production activities caused by a shortage of components. Unit sales of lenses increased owing to strong sales of RF-series interchangeable-lenses that expanded the product lineup. As for network cameras, sales increased significantly, mainly as a result of strengthening sales activities in response to diversifying market needs in addition to the recovery of product supply. As for professional video production equipment, sales of Cinema EOS-series cameras, including the new EOS R5 C, as well as professional video cameras and broadcast lenses, were strong. These factors resulted in total sales for the business unit of ¥803.5 billion, a year-on-year increase of 22.9%, while income before income taxes increased by 63.2% year-on-year to ¥128.0 billion mainly as a result of improved profitability due to an enhanced product mix.