Canon revises 2021 financial forecast, suggests camera, lens and printer sales are recovering faster than expected

A Canon assembly line Meister (her badge tells us she’s been a Meister for 17 years) works on the front assembly of a telephoto prime lens. Taken by DPReview in 2017.

Canon Global has revised its financial forecast for its 2021 fiscal year to account for, amongst other things, an increase in demand for inkjet printers and full-frame mirrorless cameras and lenses.

According to the note, posted on Canon’s investor relations website, Canon increased its full-year net sales forecast by 2.9% and its full-year operating profit by 42.9% to 3,600B yen ($32.7B) and 283B yen ($2.5B), respectively. For comparison, Canon’s full-year net sales were 3,100B yen ($28.2B) in 2020 and 3.6B yen ($32.7B) in 2019, while its full-year operating profit was 110B yen ($1B) in 2020 and 175B yen ($1.6B) in 2019. This means 2021 should see Canon’s operating profit equal roughly that of both 2019 and 2020, combined, even as net sales remain fairly consistent with pre-pandemic numbers.

Canon’s breakdown of the forecast changes its made for its 2021 fiscal year.

The note attributes this growth to multiple business divisions of Canon Inc., but specifically notes that ‘sales of inkjet printers, which continue to be in high demand due to more people working and learning from home globally, grew strongly.’ Canon also says ‘interest in and demand for cameras increased […] particularly for full-frame mirrorless cameras and interchangeable lenses.’

The section of the investors note that details why these specific revisions were made.

Canon is expected to release its second-quarter results on July 28. We will provide a breakdown of that information once it’s released, which should give us a more detailed perspective of how Canon’s imaging business has performed throughout the first half of 2021.


Update (July 20, 2021 at 11:50am EDT): Updated the article with the correct financial figures and conversions, which were incorrect at the time of publication (although the percentages have remain unchanged).