Canon Inc. reported its financial results for the second quarter on Thursday, posting a Q2 profit of $558.1 million (89.86 billion yen), a 37.4% rise from the same quarter the previous year. This translated to earnings per share of 57 cents (91.83 yen); a 41.8% year-over-year rise.
Operating profit for the quarter amounted to 118.39 billion yen, rising from 92.27 billion yen in Q2 in 2023. Net sales for the period hit 1.17 trillion yen; exceeding last year’s 1.02 trillion yen by 14.4%. The photography company experienced strong demand for its semiconductor lithography equipment and network cameras, overcoming challenging market conditions in Asia and Europe.
As a result of its strong fiscal performance, Canon has raised its full-year outlook, projecting net sales of 4.60 trillion yen; a year-over-year rise of 10%. Operating income is expected to rise by 23.9% to 465.0 billion yen, while attributable net income is estimated to come in at 335 billion yen; a 26.6% annual rise.
Canon’s net sales projection was raised from its previous estimate of 4.35 trillion yen. The company previously projected an operating profit of 435.0 billion yen and a 305 billion yen net income.
The company’s shares declined by 2.23% on Thursday, trading at 4,333 yen.