Canon Reports Sales and Profit Growth

Originally Sourced from OPI

For the first time in four years, Canon has reported a growth in both sales and profit.

Full-year results for the 12 months ended 31 December 2017 revealed that sales had risen 19.9% to JP¥4 trillion (US$36.5 billion), while operating profit was up 44.8% to JP¥331.5 billion (US$ 3.0 billion).

With tough markets as the paperless office trend is weighing heavy on many of the print hardware giants, Canon – which is also known for its cameras – appears to be bouncing back and is faring better than closest EOS rival Xerox in terms of sales recovery thanks to its expansion into broader imaging solutions.

Canon’s office category reported a 3.2% increase in sales to JP¥1.87 trillion (US$ 17.0 billion), while its Imaging System arm saw sales rise 3.7% to JP¥1.14 trillion (US$ 10.4 billion). Profit in both segments improved significantly, up 30.4% and 9.7% respectively.

This recovery was due in part to improvement across some of its core hardware, particularly new-model laser printers and cameras.

Sales of laser printers grew 5.8% at JP¥707 billion (US$ 6.45 billion) and multifunction devices improved by 2.6% at JP¥694 billion (US$ 6.3 billion）. Meanwhile, inkjet printers saw a modest increase of 1.4% at JP¥336 billion (US$ 3 billion)