Canon reports operating profit up for Q3

Canon has released its third-quarter 2024 financial results.

The company reported net sales of ¥1,079.8 billion, a 5.3% increase from the same period last year. Operating profit rose by 18.8% to ¥98.2 billion, with an operating profit ratio of 9.1%, up from 8.1% in the previous year.

Net income attributable to Canon Inc. was ¥68.8 billion, marking a 10.7% increase. The growth was driven by strong performances in cameras, network cameras, laser printers, and commercial printing equipment. Despite weak demand in China and Europe, overall market demand remained solid. 

Canon achieved record-high sales for the third quarter and year-to-date. 

For the first nine months of 2024, net sales reached ¥3,236.1 billion, a 7.3% increase from the previous year. Operating profit for this period was ¥296.6 billion, up 14.4%, and net income attributable to Canon Inc. was ¥218.6 billion, an 18.8% increase. Canon's financial position remains strong, with total assets of ¥5,870.2 billion and total equity of ¥3,243.5 billion as of 30 September 2024. 

The company continues to focus on growth areas, such as network cameras and commercial printing equipment, while also implementing structural reforms to enhance profitability.