Canon Second Quarter 2022 Financial Results

 Canon Results Presentation Material Downloads 2022

Agenda:

• 2Q 2022 Results
• FY 2022 Projection Details by Business (2Q 2022 Results & FY 2022 Projection)
• Financial Situation
• Sustainability Measures
• Excellent Global Corporation Plan Phase VI
• Supplementary Information

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 Imaging - Cameras: From Canon Results Presentation Material Downloads 2022 - Slide 11

 Canon Excellent Global Corporation Plan Phase VI - Slide 18

Source: Global Canon

 Canon Second Quarter 2022 Results : Speech Summery

As for the second quarter, due to things such as the prolonged Russia-Ukraine conflict and Shanghai’s COVID lockdown, and accelerating global inflation, there is growing uncertainty about the future direction of the global economy. Despite this, demand for our products remained firm. That said, the impact from Shanghai’s COVID lockdown was larger than expected, and we were unable to produce products in the quantity we planned for in the second quarter. Though this will impact sales in the third quarter, we were able to expand sales in the second quarter by taking advantage of our inventory. 

Net sales increased by 13.3% to 998.8 billion yen, or nearly 1 trillion yen. And we achieved our sixth consecutive quarter of net sales growth 

As for profit, although the rise in material and logistical costs continue to affect us, in addition to adjusting prices, we raised the ratio of sales of high price range products, such as full-frame cameras and medium- to high-speed color MFDs. Additionally, by controlling the rise in expenses even while sales were increasing, we increased operating profit by 27.4%, significantly raising it to 98.5 billion yen. 

As for income before income taxes and net income, due to rapid depreciation of the yen in June, and subsequent foreign exchange losses arising from foreign-currency-denominated borrowings of the parent company through the Group’s internal financing system, we posted a decrease of 0.7% to 85.2 billion yen and a decrease of 3.5% to 59.0 billion yen, respectively.

All of our Business Units posted higher sales and profit. 

As for Printing, even though the number of people returning to the office is still on the way to recovery and the supply of products is not sufficient, thanks to structural reforms centered on overseas sales companies and the consolidation of product platforms to strengthen our foundation to deliver earnings, this business has maintained double-digit profitability. 

As for Imaging, unit sales of camera bodies, because of product shortages, remained below those of last year. However, supported by strong sales of interchangeable lenses, we posted double-digit growth in both sales and profit, and our operating profit ratio increased to 16.1%. 

Read the full Report / Note: Source: https://global.canon/en/ir/conference/pdf/conf2022q2e-note.pdf