Canon’s Latest Financial Results Look Fantastic

Canon has just published its results for the second quarter of 2021 and it will make positive reading for the company’s shareholders.

As reported by Canon News, sales and profits have recovered well after 2020 proved to be disastrous for companies around the world as a result of the global pandemic. Canon has gone so far as to make a small increase to its projections for the rest of the year.

Sales projects for imaging have been shifted from 617 billion yen ($5.65 billion) to 661 billion yen ($6.06 billion), a moderate increase of just over 7 percent. The report also shows dramatic improvements on last year, showing a 31% improvement in operating profits in the three months ending on June 30 2021, compared to the same period last year.

Canon notes economic recoveries in the U.S.A., China, and Europe but remains wary of continuing problems due to the ongoing pandemic in emerging markets such as India. The company’s imaging sector has performed well which Canon attributes to “demand from customers who began photography as a hobby amid the COVID-19 pandemic, and strong sales of the EOS R5 and EOS R6.” The report also notes an increase in the sales of its lenses as the result of a larger lineup. Along with strong sales of monitoring and crime prevention devices, Canon reports that “income before income taxes totaled ¥20.9 billion [$191 million], representing in a shift from a loss for the same period of the previous year to a profit.”

“Solid demand” for cameras has prompted Canon to revise up its predicted global sales by 200,000 to 6 million units for the full year.

Barriers such as logistical issues and a global chip shortage will continue to offer challenges but if Canon is doing well in spite of these problems, it bodes well for the industry as a whole.

Will Canon continue to prosper? Has its full frame mirrorless strategy been the right approach? Let us know your thoughts in the comments below.