Canon Reports Continuous Growth in Q2
According to Canon, net sales increased 13.3% year-over-year to 998.8 billion yen (US$7.29 billion) in the second quarter of 2022 (Q2, 2022), making it the sixth consecutive quarter of net sales growth.
“Despite the growing uncertainty about the global economy, demand for our products remained firm. The increased product supply led to a sixth consecutive quarter of year-over-year sales growth, ” said the spokesman of Canon.
In Q2, Canon operating profit increased 27.4% year-over-year to 98.5 billion yen (US$718.88 million), thanks to its strategies to adjust prices and control expenses.
Some other highlights about Canon’s fiscal results for Q2 include:
- Gross profit increased 11.1% year-over-year to 0 billion (US$3.39 billion )
- Income before income taxes decreased 0.7% year-over-year to 2 billion yen (US$621.91 million)
- Net income decreased 3.5% year-over-year to 0 billion yen (US$430.72 million)
Canon claimed that all its business units posted higher sales and profit in Q2.
Printing net sales increased 15.9% year-over-year to 567.5 billion yen (US$ 4.14 billion), while operating profit increased 4.4% year-over-year to 66.6 billion yen (US$ 486.17 million).
Canon raised the projection for net sales by 100.0 billion yen (US$ 729.98 million) to 4.08 trillion yen (US$29.78 billion), meanwhile, it revised operating profit outlook to 376.0 billion yen (US$2.74 billion) and net income outlook to 262.0 billion yen (US$1.91 billion).
“Regarding the second half of the year, as we have a better outlook on procuring semiconductor chips and other parts, we will work to recover production that was delayed due to Shanghai’s COVID lockdowns, and link this increased production volume to sales. Although the pace of recovery in print volume is slightly slower than we expected, print volume is expected to steadily increase as the number of people going to the office recovers. And in the fourth quarter, we expect this to reach a pre-COVID level of around 80%,” said the spokesman of Canon.
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