Canon releases quarterly results
October 26, 2020
The OEM has released its third quarter results for fiscal year 2020 recording a decline in net sales and profits but has managed to turn back to profitability.
Canon recorded third quarter net sales in its Office business unit of ¥335.9 billion ($3.2 billion/ €2.7 billion), a decline of 21% compared to the same period of the previous fiscal year. Explaining the decline, Canon said that “for the office equipment market this year, little progress is being seen in business negotiations and equipment installations as offices are closed in many regions.” The company added that the above and the increase in remote working caused “a significant drop in consumable demand.”
MFD sales were down in the quarter, however, according to Canon the company does see more and more people return to the office, which meant “negotiations and equipment installations as well as the increase in print volume with each passing month.” This meant sales for the quarter only decreased about 20% compared to the previous year.
Laser printer sales were down 29.3% compared to the same period in the previous year, down to ¥110.3 billion ($1.05 billion/ €889.52 million). Canon said that “although sales decreased in the third quarter, actual demand is improving thanks to more offices reopening compared to the second quarter. From this, we expect sales to gradually move towards recovery.”
Canon’s performance of its cameras and inkjet printers in the third quarter was better than planned.
As a result, Canon now expects full-year net sales to decrease 12.6% to ¥3,140 billion ($29.93 billion/ €25.32 billion) and net income to decrease 58.4% to ¥52.0 billion ($495 million/ €416 million).
Categories : City News
Tags : Business Canon Financials OEM
