Canon releases FY2023 results
January 30, 2024
The overall financial results for 2023 highlighted a 3.7% increase in net sales, reaching ¥4,181.0 billion ($28.4 billion/ €26.2 billion).
The operating profit also saw a rise of 6.2%, amounting to ¥375.4 billion ($2.5 billion/ €2.3 billion). Canon explained that this positive growth was driven by strong performances in key business segments, including the printing business. The company successfully navigated market challenges and leveraged opportunities for growth, contributing to its robust financial performance in the year.
The printing business segment’s net sales reached ¥2,346.1 billion ($15.9 billion/ €14.7 billion), reflecting a 3.2% growth from the previous year. This growth can be primarily attributed to the strong sales in specific printer categories, demonstrating the company’s successful market strategies and product innovation, Canon said.
The operating profit for this segment was reported at ¥228.3 billion ($1.5 billion/ €1.4 billion), indicating a healthy 7.5% increase compared to 2022. Canon said it capitalised on market opportunities, adapting to consumer demands and competitive dynamics, which played a crucial role in achieving these financial outcomes.
The projections for 2024 indicate a continued positive trajectory. The company expects a 4.0% increase in net sales, reaching ¥4,350.0 billion ($29.5 billion/ €27.3 billion). Operating profit is projected to grow by 15.9%. The goal is to achieve a fourth consecutive year of sales and profit growth, maintaining a strong financial position in the face of global economic uncertainties.
Categories : City News
Tags : Business Canon Inc. Financials OEM
