Canon Financials for Third Quarter 2021

Canon released their finiancils for the third quarter of 2021 and while the commentary throughout Canon's divisions speak of supply shortages, Canon's profit and projected profit is quite strong.

Overall company wise, Canon is expecting a 141% growth in operating profit for 2021 with a net sales growth of 14% looking at 2020 versus 2021.  This quarter compared to a year ago, Canon had a 200% profit growth and a 10% net sales growth.  Impressive results.

As for imaging, it is very strong as compared to last year, which is no great surprise as last year the world was gripped in covid lockdowns, economy slowdowns, and people not traveling.

Canon states that the R5 and R6 continue to drive sales in imaging;

As for Imaging, the EOS R5 and EOS R6, which are highly competitive products, have maintained strong sales and have become the driving force behind business results, even one year after their launch. Amid challenging conditions surrounding parts procurement, we focused on the production and supply of high-end products and lenses, which enabled us to secure a double-digit profit ratio

Of course what surprises me is that Canon is projecting a 1119.99% (yes, that's a one-thousand-and-nineteen-percent-growth) in profit in the imaging department between fiscal 2020 and fiscal 2021.  Just between us Canon do you think you can spread the wealth a bit on some good Black Friday sales?

Canon expects the global sales for the entire camera market to be around 5.9 million units with Canon capturing about 50% of these sales at 2.95 million.

The camera market remained solid thanks to the strength of personal consumption, particularly in Europe and the United States, and the launch of new full-frame mirrorless cameras by each company that stimulated the need for high-quality image expression. However, due to the global shortage of parts, the size of this year’s market is now projected to be 5.9 million units, 100 thousand units fewer than in our previous projection. Similarly, we expect our own unit sales to be 2.95 million units, 50 thousand units fewer than in our previous projection.

As for the third quarter, although one year has passed since the launch of the EOS R5 and EOS R6, they continue to be strong selling models. As for our enhanced lineup of lenses, we exceeded our unit sales plan thanks to their synergy with camera bodies. We plan to increase our lens lineup to 26 within this year, including the RF 5.2 mm F2.8 L DUAL FISHEYE lens that we announced this month, our first lens designed specifically for capturing VR images. This lens, when mounted on an EOS R5, allows for the easy capture of 180 degree 3D VR images, and is attracting attention as a product that extends the user's image expression to the area of VR.

In November, the EOS R3 will be added to our lineup. Going forward as well, we will effectively introduce new camera bodies and lenses, strengthening the competitiveness of our products and maintain high profitability.

See all of Canon's results here