CANON INC., The Current Fiscal Year Pretax Income Revised Downward by 3%

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Thu Oct 24, 2024 3:00 pm JST Earnings

7751 CANON INC. 【US-GAAP】

Earnings Report

CANON INC. <7751> [TSE-P] announced its financial results (based on US-GAAP) after the market closed on October 24th (15:00). The consolidated pretax income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) increased by 12.6% from the same period last year, reaching 310 billion yen.

However, the full-year consolidated pretax income has downwardly by 3.0%, from the previous forecast of 490 billion yen to 475 billion yen (compared to 390 billion yen in the previous period), leading to a reduction in the profit growth rate from 25.4% to 21.7%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated pretax income for the July to December period (second half) has downwardly by 5.4%, from the previous forecast of 268 billion yen to 254 billion yen (compared to 202 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 32.9% to 25.7%.

In the most recent three-month period, from July to September (3Q), the consolidated pretax income amounted to 89.3 billion yen, an increase of 2.3% compared to the same period last year. The operating profit margin improved from 8.1% in the same period last year to 9.1%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	2,874,239	256,055	231,969	159,118	153.7	65.8	Oct 26, 2022	US-GAAP
Jan - Sep, 2023	3,017,254	259,373	275,982	183,947	183.0	70.6	Oct 26, 2023	US-GAAP
Jan - Sep, 2024	3,236,111	296,638	310,769	218,569	224.5	65.4	Oct 24, 2024	US-GAAP
YoY	+7.3%	+14.4%	+12.6%	+18.8%	+22.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	2,443,695	266,526	268,553	185,194	196.2	75	Jul 25, 2024	US-GAAP
Jul - Dec, 2024 New	2,383,695	257,026	254,053	175,194	185.6	75	Oct 24, 2024	US-GAAP
Revision Rate	-2.5%	-3.6%	-5.4%	-5.4%	-5.4%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	4,600,000	465,000	490,000	335,000	354.9	150	Jul 25, 2024	US-GAAP
Dec, 2024 New	4,540,000	455,500	475,500	325,000	344.3	150	Oct 24, 2024	US-GAAP
Revision Rate	-1.3%	-2.0%	-3.0%	-3.0%	-3.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	2,188,965	198,617	202,105	142,700	142.5	70	Jan 30, 2024	US-GAAP
Jul - Dec, 2024 Guidance	2,383,695	257,026	254,053	175,194	185.6	75	Oct 24, 2024	US-GAAP
YoY	+8.9%	+29.4%	+25.7%	+22.8%	+30.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	4,031,414	353,399	352,440	243,961	236.7	120	Jan 30, 2023	US-GAAP
Dec, 2023	4,180,972	375,366	390,767	264,513	264.2	140	Jan 30, 2024	US-GAAP
Dec, 2024 Guidance	4,540,000	455,500	475,500	325,000	344.3	150	Oct 24, 2024	US-GAAP
YoY	+8.6%	+21.3%	+21.7%	+22.9%	+30.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,025,247	82,624	87,320	62,134	61.8	8.1	Oct 26, 2023	US-GAAP
Oct - Dec, 2023	1,163,718	115,993	114,785	80,566	80.5	10.0	Jan 30, 2024	US-GAAP
Jan - Mar, 2024	988,519	80,083	89,222	59,949	60.7	8.1	Apr 24, 2024	US-GAAP
Apr - Jun, 2024	1,167,786	118,391	132,225	89,857	91.5	10.1	Jul 25, 2024	US-GAAP
Jul - Sep, 2024	1,079,806	98,164	89,322	68,763	70.6	9.1	Oct 24, 2024	US-GAAP
YoY	+5.3%	+18.8%	+2.3%	+10.7%	+14.3%