Canon`s recent acquisition of Toshiba`s medical equipment unit has helped spur strong first fiscal quarterly financial results for the camera company, and as a result it has increased its full 2017 operating profit forecast. In January, Canon estimated that it would see a yearly profit of 255 billion yen; following the favorable Q1 2017 results [PDF], the company now estimates the profits will be higher at 270 billion yen.
Overall, the company saw a year-on-year Q1 operating profit increase of nearly 89%, rising from 40.09 billion yen in Q1 2016 to 76.67 billion yen this past first quarter. According to Reuters, Canon Executive VP and CFO Toshiz Tanaka stated during the company`s earnings conference that mirrorless cameras are helping drive the company`s camera sales. The company`s financial report notes that `healthy demand` for Canon`s EOS 5D Mark IV has helped drive the company`s interchangeable lens camera sales.
Canon likewise saw its compact-system cameras` sales increase in Europe and Asia, and though overall digital compact camera sales volume dropped in the last quarter, Canon says the PowerShot G-Series and other `high-value-added models` experienced `solid demand.` Things aren`t looking great for the digital compact camera market overall, where Canon sees sustained market contraction for its budget-tier models. However, developed countries` decreased demand for interchangeable lens digital cameras is `decelerating steadily,` the company says.
Canon also touched on the topic of last year`s Kumamoto earthquake damage, saying that the resolution of the shortages caused by the earthquake have resulted in `temporary moderate growth` for interchange lens digital cameras.
Via: Reuters, Canon
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