The company has released its third quarter 2021 results, stating that demand was stable although there were new increases in cases of COVID-19 and lockdowns.
Canon has released its third quarter 2021 results stating that sales targets were missed due to supply constraints, although “actual demand was solid”. This quarter was the fourth consecutive quarter of sales and profit growth, recording net sales of ¥833.3 billion ($7.31 billion/ €6.3 billion), an increase of 9.8% year-on-year.
For Canon’s printing and imaging business unit sales and profit grew in the third quarter. For the printing business unit net sales were ¥459.2 billion ($4.03 billion/ €3.47 billion), an increase year-on-year of 6.8%. Canon added that the growth in printing service revenue and consumables contributed to profit increases.
Office printing contributed ¥174.4 billion ($1.53 billion/ €1.32 billion), with the prosumer section, which includes its inktank models contributed ¥215.6 billion ($1.89 billion/ €1.63 billion).
Canon said that entering the second half of the year, parts procurement became an issue which meant the company had to take steps from “manufacturing and logistical perspectives”. Due to increased cases of COVID-19 the company had decreased factory capacity at its Southeast Asian sites which caused the company to introduce “parallel manufacturing, expansion of parts suppliers etc.”, in order to stabilise product supply.
