January 31, 2023
The company said that although revenue fell short of its internal plan, supply constraints eased and higher sales prices offset high material and logistics costs.
For the third quarter, Epson posted revenues of ¥361.2 billion ($2.8 billion/ €2.6 billion), up 22% year-on-year. Business profit was ¥31.2 billion ($239 million/ €220 million), up ¥4.0 billion year-on-year.
For the Printing Solutions business segment, Epson posted revenues of ¥249 billion ($1.91 billion/ €1.76 billion), up 21.3% year-on-year. Epson said that the Printing Solutions revenue grew on an easing of supply constraints and increased unit sales, pricing measures, and FOREX. Profit however, decreased due to soaring material and logistics costs and the strong dollar.
For Office and Home Printing segment, inkjet printer unit sales increased by 20%, revenue grew from higher selling prices and FOREX. Inkjet printer ink revenue grew by 2%. Ink cartridge sales decreased, while high capacity ink bottle sales increased. Revenue for the Office and Home Printing segment was posted as ¥184.4 billion ($1.4 billion/ €1.3 billion) for the third quarter, up 22.7% year-on-year.
Epson lowered the full year outlook by ¥60 billion and predicts full year revenue to be at ¥1,330 billion ($10.2 billion/ €9.4 billion). For the full year prediction in the company’s Office and Home segment, especially inkjet printers, Epson factored in an economic slowdown and channels cutting inventories in North America, etc. The unit sales outlook was revised downward. The outlook for unit sales of inkjet printers was changed to 17.5 million units, a 5 % increase from the previous fiscal year. Epson expects high-capacity ink tank printer unit sales to reach 12.8 million units, which represents 10% year-on-year growth.
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