Canon Releases 3rd Quarter Financial Results

Canon has releases 3rd quarter financial results that can be downloaded from their Investor Relations page.

Presentation Material
Results
Supplementary Data

Some Relevant Highlights

"As for cameras, we saw a faster-than-expected market recovery partially due to an increasing need to capture images at home since more time is being spent there. Furthermore, we raised profitability partially through the launch of competitive new products."

"For both cameras and inkjet printers, as our performance in the third quarter was better than planned, we raised our outlook for the Imaging System business unit and will work for full-year growth in profit."

"As for camera demand, amid ongoing market contraction, we expect a significant drop in demand due to COVID-19 this year. However, in the third quarter, the camera market was stronger than expected thanks to a gradual increase in image capturing opportunities as people became more active. Taking this into account, we raised our full-year projection for the interchangeable-lens camera market by 0.5 million units to 5.9 million units."

"Although we expect our full-year sales to decline in line with the market to 2.7 million units, the EOS R5 and EOS R6, new cameras equipped with full-frame sensors that we launched in the third quarter, have recorded strong sales since their introduction thanks to the high marks they have received for their revolutionary video recording function, AF performance, and image stabilizing function. Furthermore, for our enhanced lineup of lenses, we are achieving sales growth and improving product mix through synergy with camera bodies."

"In addition to shifting to high value-added interchangeable-lens cameras like the EOS R5, we will expand sales of other cameras based on new design concepts that actively incorporate the various ideas of our young employees."

"A recent example of this is the PowerShot Zoom, a hand held camera that combines the functions of a telescope and camera. We started crowdfunding this camera on a Japanese site in September. This gave us access to a new user base that was able to make advance purchase reservations for a limited number of cameras which was reached soon after we started taking orders."

"We will deploy this kind of product strategy and focus on improving profitability by streamlining product development, production, and market in preparation for decreasing sales"

"At the end of September, total inventory turnover in days was longer, reflecting the low level of sales over the past six months. However, in value terms, we show a general decrease, particularly in Imaging System."

"For cameras and inkjet printers, as the level of sales is exceeding our plan, we are augmenting production volumes while closely managing inventory to maintain appropriate levels."

Posted: 10/26/2020 8:33:48 AM ET   Posted By: Bryan
Posted to: Canon News    
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