Canon boosts 2017 profit forecast following strong Q1 financial results
Canon's recent acquisition of Toshiba's medical equipment unit has helped spur strong first fiscal quarterly financial results for the camera company, and as a result it has increased its full 2017 operating profit forecast. In January, Canon estimated that it would see a yearly profit of 255 billion Yen; following the favorable Q1 2017 results, the company now estimates the profits will be higher at 270 billion Yen. However, the company's outlook on 2017 camera unit sales are gloomier, with ILC unit sales dropping 7% and compacts down 13%, working out to -9% overall.
Overall, the company saw a year-on-year Q1 operating profit increase of nearly 89%, rising from 40.09 billion Yen in Q1 2016 to 76.67 billion Yen this past first quarter. According to Reuters, Canon Executive VP and CFO Toshiz Tanaka stated during the company's earnings conference that mirrorless cameras are helping drive the company's camera sales. The company's financial report notes that 'healthy demand' for Canon's EOS 5D Mark IV has helped drive the company's interchangeable lens camera sales. First quarter revenue from camera sales were up over 7%, though unit sales were unchanged since Q1 2016.
Canon likewise saw its compact-system cameras' sales increase in Europe and Asia (6% globally), and though overall digital compact camera sales volume dropped in the last quarter, Canon says the PowerShot G-Series and other 'high-value-added models' experienced 'solid demand.' Things aren't looking great for the digital compact camera market overall, where Canon sees sustained market contraction for its budget-tier models (-6% globally). However, developed countries' decreased demand for interchangeable lens digital cameras is 'decelerating steadily,' the company says.
Canon also touched on the topic of last year's Kumamoto earthquake damage, saying that the resolution of the shortages caused by the earthquake have resulted in 'temporary moderate growth' for interchange lens digital cameras.
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