Canon Releases 3Q 2016 Financial Results

Canon has released their 3Q 2016 financial results.

An excerpt from the speech summary details some of the issues Canon faced this quarter:

The U.S. economy, despite showing signs of weakness in investment and other areas, remained on a path of gradual recovery, supported by continued improvement in employment and consumer spending. As for the European economy, although consumer spending and export activity was firm, we could not take an optimistic view as there are concerns over the U.K.’s withdrawal from the EU. In Japan, and in emerging countries like China, no material changes in economic activity were seen. Overall, the global economy was limited to gradual recovery.

Under these conditions, the yen, which at one point in August fell below the 100 yen-to-U.S. dollar mark and remained high throughout the quarter, had a large negative impact on net sales and profits. On top of this, within our businesses, sales of laser printer consumables declined significantly, as they did in the first half of the year, and for cameras, we recorded a 50% decline in compact camera sales. As a result, net sales and profits declined.

Additional Resources (Source: Reuters)

Posted: 10/26/2016 6:17:57 AM ET   Posted By: Sean
Posted to: Canon News, Sony News    Category: Canon Financial Results
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