Canon releases first quarter FY2024 results
April 25, 2024
The company has recorded declines in imaging sales amidst a more challenging than expected business environment due to global economic slowdown.
Canon reported that in the first quarter, the challenging competitive environment surrounding inkjet and laser printers continued and there was no real recovery in its performance.
In the first quarter, net sales increased by 1.8% to ¥988.5 billion ($6.35 billion/ €5.92 billion). Operating profit decreased by 5.2% to ¥80.1 billion ($515 million/ €480 million).
In the Printing business segment sales growth was posted mainly in commercial printing equipment where the market is growing and non-hardware sales of office equipment.
Sales of laser printers and inkjet printers declined due to weak market conditions in China and Europe, Canon explained. However, an overall increase in sales in the segment was secured, and profitability improved to 11.3%.
Full year projections stay the same as previously predicted.
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