Canon Reports Third Quarter Financials

Canon reported its financials for the third quarter of 2014 on Monday, with net sales totaling ¥872.2 billion, down 4.5 percent from ¥913.2 billion.

Quarterly operating profit was down 20.7 percent, from ¥90.6 billion in Q3 2013 to ¥71.8 billion in Q3 2014. Net income in Q3 was ¥58.3 billion, down 1 percent from ¥58.8 billion in Q3 2013. The firm attributes much of the decline to camera sales. According to the firm’s earnings report, “within the Office Business Unit, although sales of color office MFDs increased significantly from the year-ago period, led by healthy growth of the imageRUNNER ADVANCE C5200 series along with well-received new models, total sales volume remained at the same level as the previous year due to sluggish demand for monochrome models. As for high-speed continuous-feed printers, the Océ ColorStream 3000 series enjoyed solid sales. Among laser printers, although color multifunction models recorded sales growth, total sales volume decreased slightly from the year-ago period owing to the decrease in demand for monochrome models. Sales of consumables declined from the year-ago period, which had recorded strong sales. As a result, sales for the business unit totaled ¥482.3 billion (U.S.$4,424 million), a year-on-year decline of 2.4 percent, while operating profit totaled ¥57.9 billion (U.S.$531 million), decreasing 13.7 percent. Sales for the combined first nine months of the year totaled ¥1,513.9 billion (U.S. $13,889 million), growing 2.4 percent year on year, while operating profit increased by 7.4 percent to ¥218.5 billion (U.S. $2,004 million).”

For its outlook for the fourth quarter, Canon states “with the economies of Europe and emerging countries appearing to be at a standstill, prospects for the future remain uncertain. As for the Japanese economy, projections indicate that more time will be needed to recover fully from the decline that followed the raising of the country’s consumption tax. Looking at the U.S. economy, however, improved employment conditions and a steady recovery in consumer spending, offer a promising outlook for the year-end shopping season.

“In the businesses in which Canon operates, demand for MFDs is projected to continue to expand moderately, mainly for color models, while demand in the laser printer market is expected to remain at the same level as the previous year.”

Read more in Canon's earnings report.

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