Canon reports 13% net income increase

GaryPageau

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.

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Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.