Canon Inc. has released its financial results for the 3rd quarter of 2024, reflecting strong growth across its key business segments, with the printing division continuing to dominate as a major contributor, with more than twice the sales of imaging/photographics.
Overall, Canon’s printing business remains a vital contributor of its overall success, recording a strong 7.1% growth in sales, amounting to JP¥610.9 billion (US$4.02 billion). This growth was largely driven by heightened demand for production printers, office multifunction devices (MFDs) and laser printers. Furthermore, Printing returned a stellar +31.8% gain in operating profit - most likely due to increasing use of inkjet inks through is expanding global fleet of sheetfed, web and wide format devices.
From 2025, as Canon's OEM agreement with Heidelberg, announced at drupa in May, for B3 and B2 digital presses begins to roll out, production printing is expected to contribute even more to the bottom line.
Canon’s total net sales for Q3 2024 reached an impressive JP¥1,079.8 billion (US$7.1 billion), marking a year-on-year increase of 5.3%. In addition to the solid growth in net sales, Canon’s operating profit for the quarter also experienced a significant rise of 18.8%, reaching JP¥98.2 billion (US$645.7 million). This increase in profitability is underscored by an improved operating profit margin of 9.1%, reflecting the company’s strategic efforts to optimize its cost structure and enhance operational efficiencies.
As the Q4 results approach, Canon remains optimistic about its performance for the full fiscal year. The company forecasts net sales to reach JP¥4.6 trillion (US$30.24 billion) by the end of 2024.
Canon’s strategic investments in its printing business and ongoing efforts to expand its global footprint are expected to drive further growth despite ongoing geopolitical and economic uncertainties.
