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Epson also sees revenue decline

Epson also sees revenue decline

July 31, 2020

The OEM has announced its consolidated operating results for the quarter ended 30 June and disclosed its forecast for the year ending March 2021.

For the three months ended 30 June 2020, Epson recorded revenue of ¥193.217 billion ($1.8 billion/ €1.56 billion), a decrease of 22.6% year-on-year. Business profit declined 3.2% to ¥4.36 billion ($41.57 million/ €35.14 million).

Until now, Epson had not disclosed its financial results forecast for the year ending March 2021 due to the difficulties involved in calculating the impact of the coronavirus pandemic on Group operations. Epson has now disclosed its forecast based on available information and forecasts.

Epson said: “Revenue will be significantly below the same period in the previous year. In the printer business in the first half, stay-at-home demand will drive ongoing enhanced sales of office and home inkjet printers and consumables in North America, Western Europe and other developed economies.

“However, we forecast that this will be offset by production delays and slack demand and sales as a result of the pandemic. Second half revenue will be slightly below the same period in the previous year. Although we expect to benefit from the launch of strategic products, we expect to feel the lingering effects of the pandemic in certain regions.”

Epson forecasts full year revenues to be ¥930 billion ($8.86 billion/ €7.49 billion).

Categories : City News

Tags : Business Epson Financials OEM

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