Canon Reports Results for Fourth Quarter and FY Ended Dec. 31, 2017

Jan. 30, 2018 — Canon reported its financial results for the fourth quarter and the fiscal year ended December 31, 2017.

Canon FY17 earnings

Looking at Canon’s full-year performance by business unit, beginning with the Office Business Unit, unit sales of office MFDs increased from the previous year and achieved higher growth than the market average, supported by steady sales of next-generation color models designed to strengthen the product lineup such as the newly launched color A3 (12”x18”) imageRUNNER ADVANCE C3500 series for small- and medium-size offices. Among high-speed continuous-feed printers, unit sales of the Océ-produced  VarioPrint i300, a high-speed sheet-fed color inkjet press that offers superior low-running-cost performance, increased. As for laser printers, sales of both hardware and consumables increased from the previous year, supported by steady sales of new models that achieve low power consumption and compact body designs. These factors resulted in total sales for the business unit of ¥1,865.9 billion, a year-on-year increase of 3.2%, while operating profit totaled ¥180.6 billion, a year-on-year increase of 6.6%. Adjusted operating profit, which excludes impairment losses on goodwill from operating profit, increased by 26.6% to ¥214.6 billion.


As for the outlook for 2018, the U.S. economy is expected to recover stronger as corporate earnings and capital investments steadily improve thanks to tax reform. The European economy is expected to recover slowly due to increasing uncertainty surrounding the U.K.’s decision to leave the EU, although consumer spending is expected to remain stable due to solid employment conditions. Looking at China, the economy is expected to stabilize through public investments and solid consumer spending. Emerging economies, including Southeast Asia, are expected to continue to grow due to strong exports. With regard to the Japanese economy, the outlook indicates a trend of gradual recovery supported by improved employment conditions and consumer spending. Overall, the global economy is expected to continue achieving moderate growth, despite such concerns as increasing geopolitical risks.

In the businesses in which Canon is involved, for office MFDs, demand for color models is expected to grow moderately and make up for the contraction of the market for monochrome models, leading to the same level of demand overall compared with the previous year. Looking at the laser printer market, although the demand in developed countries is expected to decrease, demand in emerging countries continues to recover, resulting in overall demand remaining at the same level as the previous year. 

Upon taking into consideration the current economic forecast, Canon projects full-year consolidated net sales in 2018 of ¥4,300.0 billion, a year-on-year increase of 5.4%; operating profit of ¥420.0 billion, a year-on-year increase of 26.7%; income before income taxes of ¥420.0 billion, a year-on-year increase of 18.7%; and net income attributable to Canon Inc. of ¥280.0 billion, a year-on-year increase of 15.7%.

Read Canon’s full earnings statement here.

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