The OEM has released its first quarter results, recording a year-on-year net sales growth of 4.4%.
Canon recorded net sales of ¥879.4 billion ($6.9 billion/ €6.4 billion) for the first quarter of 2022. Gross profit for the quarter grew 2.6% year-on-year to ¥394.4 billion ($3.1 billion/ €2.9 billion). For the reporting period, the Printing Business Unit saw net sales of ¥504.8 billion ($3.95 billion/ €3.7 billion), a year-on-year growth of 7.5%.
In its presentation, Canon said that in the office printing segment, it sees a “continuing situation of product supply not catching up with demand” but it is looking to expand its hardware sales “s by focusing on product supply and turning backorders into sales”.
In the prosumer segment, the company saw an “increase in Prosumer sales as production and sales were both in line with plan”.
In its financial projections for the full year 2022, Canon has increased its projections to full year ¥3,980 billion ($31.13 billion/ €29.13 billion), raising the sales projection by ¥110 billion ($860 million/ €805 million) saying that “Demand remains strong” and that “Availability of parts gradually improving from second half of year”.
