Even amid cost increases the company achieved double digital growth in operating profit.
Canon has released its second quarter 2022 results with net sales showing year-on-year growth of 13.3% at ¥998.8 billion ($7.31 billion/ €7.18 billion). Operating profit was ¥98.5 billion ($/ €), a year-on-year increase of 27.4%.
Canon posted sales and profit growth in all business units with the printing segment net sales being ¥567.5 billion ($721 million/ €708 million), a year-on-year increase of 15.9%. During the second quarter, Canon said that in the office segment of its printing unit it offset the impact of declines in unit sales by increased sales of medium- to high-speed MFDs and making price adjustments, to post those increased sales for the office segment.
In the prosumer segment, it saw significant increases in hardware sales but due to Shanghai’s COVID lockdown production was below its plans. The company plans to increase production as much as possible in the second half of 2022.
In its financials projections, Canon lowered its unit sales projections due to shortages but still projects net sales to increase of 16.1% year-on-year of ¥4,080 billion ($29.87 billion/ €29.35 billion). Net sales projected for the printing business unit is set at ¥2,320 billion ($16.99 billion/ €16.69 billion) for the full year, a year-on-year growth of 19.7%.
