Canon Inc. reported that its third quarter net income attributable to the company dropped 37.2% to 16.66 billion Japanese yen from 26.52 billion yen in the prior year. Net income per share was 15.93 yen, down from 24.93 yen last year.

Operating profit for the third-quarter decreased 50.1% to 19.2 billion yen from the prior year. In a presentation from EVP & CFO, Toshizo Tanaka he said, “[a]s for Office, although sales and profit declined, we did return to profitability as we started to see a resumption of business negotiations and equipment installation, as well as a recovery in print volume from June thanks to the restart of business activity.” 

“As for the office equipment market this year, little progress is being seen in business negotiations and equipment installations as offices are closed in many regions … As the number of people returning to offices rebound, we project an increase in print volume that will help us achieve almost 90% of last year’s sales in the fourth quarter,” Tanaka added.

According to the company, operating expenses decreased by 12.2% year-on-year to 308.4 billion yen, due to the further promotion of efficiency for expenses throughout the entire Group, despite negative effects of foreign currency fluctuation. Quarterly net sales decreased by 12.7% year-on-year to 758.9 billion yen.

Looking ahead for 2020, Canon now expects attributable net income to be 52.0 billion yen, a year-on-year decrease of 58.4%; operating profit of 64.0 billion yen, a year-on-year decrease of 63.4%; and net sales of 3.14 trillion yen, a year-on-year decrease of 12.6%. Previously, the company expected annual attributable net income of 43.0 billion yen, operating profit of 45.0 billion yen, and consolidated net sales of 3.08 trillion yen.

Source: Business Insider
Source: Canon