Canon Q1 Profit Declines; Withdraws FY20 Outlook

(RTTNews) - Digital camera maker Canon Inc. (CAJ) reported Thursday that its first-quarter attributable net income decreased 30 percent to 21.91 billion Japanese yen or $200.97 million from last year's 31.31 billion yen.

Earnings per share were 20.68 yen or $0.19, 28.7 percent lower than 28.99 yen last year.

Operating profit declined 18.7 percent from last year to 32.88 billion yen or $301.62 million.

Gross profit as a percentage of net sales rose 0.6 points to 45.8 percent.

First-quarter net sales decreased 9.5 percent to 782.3 billion yen or $7.18 billion from prior year's $864.47 billion yen.

Amid the impact of COVID-19, demand for both color and monochrome office multifunction devices or MFDs, as well as laser printers declined, particularly for monochrome models. The camera market declined at an accelerated rate. Inkjet printers' market continued to shrink, but demand increased in some regions due to remote working and learning.

Looking ahead, Canon said it is very difficult to provide a reasonable calculated consolidated results forecast. As a result, Canon decided to revise its consolidated financial results forecast for the fiscal year 2020 to undetermined.