Canon Q1 Profit, Sales Rise; Lifts 2023 Outlook

Canon Inc. (CAJ), a Japanese multinational company focused on optical, imaging, and industrial products, on Wednesday reported an increase in earnings for the first-quarter, amidst a rise in sales, driven by improved demand and a recovery from Covid-19 pandemic and related issues.

In addition, for full year 2023, the company has raised up its previous outlook.

For the three-month period to March 31, the Tokyo-headquartered firm posted a net income of 56.410 billion yen or 55.53 yen per share, higher than 45.975 billion yen or 43.96 yen per share, posted for the same period of 2022.

Pre-tax income stood at 87.534 billion as against last year’s 67.697 billion yen.

Operating income moved up to 84.475 billion yen from 76.140 billion yen of previous year quarter.

Net sales improved to 971.125 billion yen from 879.350 billion yen a year ago.

Looking ahead, for full year, Canon has revised up its guidance reflecting foreign exchange rate and steady market conditions.

For the 12-month period, the electronics company now expects net income of 285 billion yen against its previous outlook of 270 billion yen. Pre-tax income is now expected to be at 410 billion yen, versus previous projection of 390 billion yen.

For the full year, operating profit now projected at 380 billion yen, higher than its previous expectation for 360 billion yen. Net sales are now projected to be at 4.313 billion yen as against earlier expectation of 4.287 billion yen.

Canon anticipates exchange rates of 130 yen to the USD, and 140 yen to the euro, which were maintained from its previous outlook, representing an appreciation of around 1 yen against the USD and depreciation of approximately 2 yen against the euro compared with the previous year.

Source: Read Full Article