Canon Revises Full-Year Forecast

Canon Inc. of Tokyo, Japan, announced that it passed a board of directors’ resolution on January 14, 2021, revising its October 2020 financial-results forecast for its fiscal year that ended on December 31, 2020. This is the third time Canon has increased its forecast for fiscal-year 2020.

For 2020, Canon is now forecasting net sales of ¥3,160 billion, versus ¥3,140 billion for its previous forecast; operating profit of ¥105 billion, versus ¥64 billion for its previous forecast; and net income of ¥80 billion, versus ¥52 billion for its previous forecast.

The firm stated that it adjusted its forecast due to the fact that the markets in which it competes, which shrunk due to the spread of COVID 19 in 2020, recovered earlier than expected in the third quarter. Accordingly, it raised its projections as it exceeded its previous forecast, especially for profit, due to sales of cameras, particularly new full-size mirrorless models, and inkjet printers, the latter of which continued to benefit from home demand.

All forecasts,  however, are significantly below that for Canon’s fiscal 2019 year. For fiscal 2019, Canon reported net sales of ¥3,593 billion; operating profit of  ¥175 billion; and net income of ¥125 billion.

Canon will announced results for fiscal-year 2020 on January 28th.

 

More Resources

• January 2021: Canon to Reorganize As it Seeks to Diversify Revenue and Sales
• October 2020: Sales, Income Down for Canon’s Third Quarter, But Raises Forecast
• July 2020: Canon Reports First-Ever Quarterly Loss; Issues Full-Year Forecast
• May 2020: Office-Imaging Companies’ Share Prices Take Big COVID-19 Hit
• April 2020: Canon Reports Sharp Sales, Income Declines for First Quarter
• January 2020: Sharp Drop in Net Income for Canon’s Fiscal Year
• October 2019: Sharp Drop in Earnings for Canon’s Third Quarter, Lowers Outlook