Canon has officially announced its financial results for the fourth quarter of 2014 and for the whole fiscal year, which ended on December 31, 2014.
Right in time for CP+ Camera & Photo Imaging Show 2015, Canon has revealed its financial results for the year that ended on December 31, 2014.
The Japan-based maker has confirmed that its revenue has decreased, but its profits have increased when compared to the 2013 fiscal year.
In the report, the company has included the results for the fourth quarter of the year. Canon has showed signs of recovery in Q4 2014, as both the revenue and the profit have been bigger than the ones reported in Q4 2013.
Canon Q4 2014 earnings: more revenue and more profits than in Q4 2013
The financial results for Canon’s fourth quarter of 2014, which ended on December 31, are showing that the company’s revenue has increased by 2.4%.
The Japanese maker is reporting total sales of about 1.06 trillion yen / $8.7 billion during the past three fiscal months ending on December 31, 2014.
As for the profit, it stands at about 68 billion yen / $562 million, which represents a 6% growth over the same period in 2013. This shows that Canon has managed to decrease its costs in order to keep investors happy.
“Office” is the company’s biggest division, thanks to an 8.2% increase in revenue. On the other hand, the sales within the “Imaging” division have decreased by 3.4%.
In the Canon Q4 2014 earnings call, the drop in imaging sales is blamed on economic and political factors. Europe’s economy is said to be worsening and the “conflict between Russia and Ukraine” is not doing any good either. On the other hand, the Japanese market has been affected by the consumption tax increase.
However, the company says that it has managed to recover in Q4 2014 thanks to the EOS 7D Mark II DSLR camera, the PowerShot G7 X premium compact camera, and the PowerShot SX60 HS and PowerShot SX700 HS superzoom cameras.
Canon FY 2014 results: sales drop, but profit increases when compared to FY 2013
The company says that it remains the biggest digital camera vendor on the market. Its financial results for the last year are showing that Canon has been close to match its revenue from FY 2013. However, a drop of only 0.1% has been reported.
World’s largest digital imaging company has revealed sales totaling about 3.73 trillion yen / $30.8 billion, which is 0.1% lower than in 2013.
Despite all that, the manufacturer has managed to decrease its expenses. As a result, it has reported a 10.5% growth in profit, which stands at about 254 billion yen / $2.1 billion.
Overall, the “Office” division has reported a 3.9% growth, while the “Imaging” division has struggled as it has suffered a 7.3% plunge in revenue.
Canon FY 2015 outlook
It’s not all roses in Canon’s future, although the projected financial results for 2015 are saying that the company’s revenue will increase by 4.6%, while its profits will grow by 2%.
These projections are not among the happiest of news, but some would say that raising your sales and profits is always good. It is too early in the year to tell whether or not the Japanese maker will meet its goals, so do not jump to conclusions, yet.
The entire results for the fiscal year, which ended on December 31, 2014, can be found at Canon’s official website.