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Surprise camera comeback drives Canon earnings rally, report

canon

Canon is  doing good, despite all the doomsday-callers out there. Financial reports for the fiscal year 2017 are good, and the future doesn’t seem to be against the Japanese company.

Nikkei Asian Review reports:

TOKYO — An unexpected revival in cameras and multifunction printers provided Canon with its first upturn in full-year net profit in three years, the company said Tuesday, while new segments meant to drive growth have yet to truly contribute to earnings.

The Tokyo-based manufacturer of office equipment and digital cameras reported a 61% upswing in group net profit to 241.9 billion yen ($2.22 billion) for the year ended Dec. 31. The figure is expected to grow another 16% in the fiscal year just begun, though businesses such as medical care and industrial printing appear to still be finding their footing. Canon calculates earnings using U.S. accounting rules.

Canon “built a foundation for growth in new businesses” in 2017, Toshizo Tanaka, executive vice president and chief financial officer, told reporters Tuesday. Sales grew 20% last year, reaching 4 trillion yen for the first time in nine years. The company upgraded its outlook three times over the year. Digital cameras and multifunction devices, which drove much of the growth, “fulfilled their duties thoroughly,” said Chairman and CEO Fujio Mitarai.

Read the report at Nikkei Asian Review.

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