RSS
 

Posts Tagged ‘Financial’

Nikon Q2 financial results: better-than-expected revenue with plans to cut expenses and increase focus on higher-end cameras, lenses

07 Nov

Nikon has released financial results for the second quarter (Q2) of its 2021 fiscal year, which starts April 1 (2020) and ends March 31 (2021), revealing a larger operating loss than forecasted despite higher-than-expected revenue.

As tends to be the case with financial results, there are plenty of nuances hidden within the broader numbers, but what is clear is Nikon’s Imaging Products Business is going through changes, not unlike Canon, which is also transitioning its product line and production facilities away from DSLRs and towards mirrorless.

Q2 Financial Highlights by segment. We have highlighted the Imaging Products Business, with the last column being the Q2 FY2021 results.

Starting with the Q2 results for Nikon’s Imaging Products Business, Nikon reports operating revenue of ¥39.3B ($ 372M) and an operating loss of ¥19.3B ($ 184.3M), down ¥12.4B and ¥17.8B, respectfully year-over-year (YoY) for Q2. Nikon further breaks down unit sales in the Imaging Products Business division, noting it sold 240K interchangeable lens cameras (ILC), 70K compact cameras and 390K interchangeable lenses. These numbers are down 31%, 73% and 29%, respectively, YoY for Q2.

An overview of the revenue and operating profit/loss for H1 FY2021 by segment.

Looking at the first half (H1) of Nikon’s Imaging Products Business’ FY2021, the company reported revenue of ¥64.4B ($ 615M) and an operating loss of ¥27.4B ($ 261M). This puts revenue above Nikon’s ¥55B forecast, but it seems expenses outpaced gains, as the company had previously forecast an operating loss of only ¥20B. Unit sales for H1 were also down across the board, with 380K ILC, 120K compact cameras and 610K interchangeable lenses being sold. That’s down 52.5%, 76% and 53%, respectively, compared to H1 FY2020.

A breakdown of camera unit sales per quarter going back to FY2018.

While the operating loss looks grim, it needs to be placed in context. Nikon cites ‘impairment losses on production equipment at production sites in Thailand, etc.’ as the reason for over half of this loss (¥15.6B, to be precise). These ‘impairment losses’ suggest Nikon is depreciating or downright writing-off the value of manufacturing equipment at its Thailand factories. Given the transition to new lines for mirrorless products, this isn’t a huge surprise. It’s likely the equipment Nikon is depreciating is that it used to produce its DSLRs (we know that Nikon is using new, more automated assembly lines for at least some of its Z series mirrorless cameras).

Note the additional comments in the yellow box at the bottom of this presentation slide.

Nikon notes its mirrorless camera sales volumes increased year-over-year, the percentage of revenue from its pro and hobbyist cameras increased ‘steadily’ and even says it saw a ‘better-than-expected market recovery from the impact of COVID-19.’

For its full FY2021 forecast, Nikon says it expects its Imaging Products Business to show ¥140B in revenue and an operating loss of ¥45B.

Moving forward, Nikon makes its plan for its Imaging Products Business clear: reduce business costs faster than the rate of shrinkage the camera market is experiencing and ‘Shift to a structure that secures profits constantly even when revenue drops.’ It hopes to reduce costs by more than ¥80B by the end of its FY2022 through ‘substantially lowering the breakeven point through improving productivity, production consolidation, headcount optimization and impairment losses of equipment.’ It also states it will be focusing on its pro and hobbyist products, which it wants to see as the bedrock of its Imaging Products Business. This assessment and approach is similar to the one Olympus has been taking for a few years now—downsize the business to match the market size, which is shrinking across the board.

Nikon also says it wants its Imaging Products Business to enter new fields, including more business-to-business deals. What exactly this looks like remains to be seen, as no details are given, but Nikon says it intends to ‘actively leverage [its] image processing, sensing technology’ and more.

If we’re to summarize this Q2 financial report into a single sentence, it’s this: Nikon plans to cut costs as much as possible to account for a clearly shrinking camera market while also focusing on its higher-end cameras and lenses, which are steadily increasing as a percentage of Nikon’s sales. This should come as good news to experienced Nikon shooters, particularly those who have already or are looking to dive into Nikon’s Z series mirrorless cameras and lenses; more cameras and lenses are on the way.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on Nikon Q2 financial results: better-than-expected revenue with plans to cut expenses and increase focus on higher-end cameras, lenses

Posted in Uncategorized

 

Canon Q2 financial results: Camera division still profiting, but down 93.9% year-over-year

31 Jul

Canon has published its second-quarter (Q2) financial results, which covers from the beginning April 2020 through the end of June 2020, and, as you would expect in these difficult times, the camera division isn’t looking all that great.

Canon made it clear in its first quarter (Q1) results that things would get worse before they got better; and Q2 numbers are the first concrete evidence of just how much the COVID-19 pandemic has hurt the camera division in an already-declining market.

Across all of its divisions, Canon reported a loss of ¥8.8 billion ($ 83.3M), marking the first time in its 82 year history the company has been in the red on a quarterly basis. Canon says in its investor presentation that the ‘impact of global economic stagnation [due to the COVID-19 pandemic] was inevitable as we faced rapid drops in actual demand in various businesses and were confronted with limited business activity.’

As for the imaging division, Canon reported net sales of ¥141.7B ($ 1.35B) and an operating profit of just ¥800M ($ 7.65M). While seeing any operating profit is good news in this environment, the numbers are still a stark contrast to Q2 2019. Net sales were down 30.8% and operating profit was down 93.9% year-over-year (YoY).

In the Imaging System breakdown, Canon attributes the decline in net sales to there being ‘fewer image capturing opportunities, such as travel and other events.’ due to COVID-19. Canon says it ‘will take time for sales to recover as cameras are considered a luxury item,’ but it’s projecting the entire market to be down 40% to just 5.4M units and its own unit sales down by the same proportion, to 2.5M.

In addition to Canon elaborating on its cameras being used as webcams for video conferencing and communication, Canon also says it plans to ‘enhance’ its concept camera initiative, with new models expected to be out before the end of the year.

Despite the big fall in Q2, Canon is expecting operating profit to only fall 66% for the full year, and sales by value only 20%. This suggests it expects models such as the R5 and R6 to make up for some of the poor Q2 performance. The company says these models and the RF lenses will ‘solidify our position in the full-frame camera market.’

Compared to Canon’s end-of-2019 projections, which anticipated total sales of ¥787B and an operating profit of ¥53.7 for the 2020 fiscal year, its new Q2 2020 projection for total sales of ¥643.9B and operating profit of ¥16.1B is a drop of 19% and 70%, respectively.

As for how it intends to handle the direction of its camera division post-COVID-19, Canon says it will ‘accelerate measures to streamline operations’ and ‘expand business areas that utilize optical technology.’ Specifically, Canon says it will ‘work to facilitate our aim of switching business domains, leveraging the optical technology we have cultivated so far, and reallocating resources to new fields such as automobiles and industrial-use sensors.’

Although acknowledging that the camera market has declined faster than anticipated (pre-COVID-19), Canon emphasizes that its position – that ‘sooner or later the market will settle down and consist solely of users that are particular about imaging’– has not changed.

Summed up, the numbers are down across the board, but they aren’t all that surprising considering the current state of the camera (and global) market. Canon expects to further expand the use of its sensor and optics technology to industrial and automotive use, but still plans to streamline its operations to make the most of its ILC and compact camera products.

You can read all of the financial results by visiting Canon’s investor relations webpage.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on Canon Q2 financial results: Camera division still profiting, but down 93.9% year-over-year

Posted in Uncategorized

 

Nikon’s FY2020 financial results: ¥225.8B in revenue, ¥17.1B loss in operating profit for Imaging Products Business

29 May

As it promised when it initially pushed back the release date, Nikon has released the financial results today for its 2020 fiscal year (FY2020), ending March 31, 2020, as well as its forecast for its 2021 fiscal year (FY2021).

Overall, Nikon Corporation recorded ¥591B in revenue and ¥6.7B in operating profit. These numbers align with what Nikon’s updated forecast suspected and are a decrease of ¥117.6B and ¥75.9B, respectively, year-over-year (YOY).

An overview of Nikon’s revenue, operating profit and more for FY2020.

Interestingly, Nikon attempts to quantify the impact of the COVID-19 pandemic, with its report saying it believes the pandemic has caused 10 billion yen in operating profit losses. Specifically, Nikon attributes ‘approximately 4 billion yen’ of that loss to its Imaging Products division ‘Due to product mix change by [the] suspension of distributors mainly selling mid- and high-end cameras, and delay of launch in main products including professional use products by stagnation of the supply chain.’

Diving specifically into its Imaging Products Business, Nikon recorded ¥225.8B in revenue and a loss of ¥17.1B in operating profit. These numbers are both worse than Nikon’s February 2020 forecast and are a decrease of ¥70.3B and ¥39.1B, respectively. The documents reveal Nikon sold 1.62 million interchangeable lens camera (ILC) units and 2.65 million interchangeable lens units, with just 840,000 compact digital cameras sold. These unit numbers are a decrease of 21.4%, 16.4% and 47.5%, respectively, YOY.

Nikon’s breakdown of the FY2020 results for its Imaging Products Business.

In notes on the revenue of its Imaging Products Business, Nikon says revenues were ‘progressing mostly in line with previous forecasts until the middle of February,’ when the COVID-19 started to wreak havoc on the supply chain and retailers. Nikon again reiterates that it’s had to delay new product launches ‘such as high-end DSLR cameras and [mirrorless lenses]’ due to the impact of the COVID-19 pandemic. This is referencing the delay of Nikon D6 shipments and suggests the Nikkor Z 70-200mm F2.8 VR S zoom delay back in January could’ve been due to COVID-19 complications as well, even though at the time Nikon said it was caused by ‘production reasons.’ Nikon also notes sales of its Z-series mirrorless cameras and Z-series lenses have increased, and that the volume/sales ratio of mid-range and high-end cameras ‘improved steadily’ YOY.

Additional comments under the ‘Operating Profit’ headline note Nikon incurred ¥2.7B in restructuring costs and posted ¥6.6B in fixed asset impairment losses, which were detailed in its statement earlier this month.

As for FY2021, Nikon doesn’t share too much information, saying performance forecast details will ‘be disclosed once reasonable estimation can be given as the impact of COVID-19 is uncertain.’ Numbers aside, Nikon notes sales for its imaging Products Business ‘decreased significantly YOY’ in April and May of this year and notes that ‘the business of luxury goods is expected to continue in a severe business environment for the time being, and the deficit for the second consecutive fiscal year is inevitable.’

The executive summary section of the report details how Nikon plans to approach its various divisions in the upcoming year.

Under the executive headline, Nikon says its strategy for the Imaging Products Business is to ‘rebuild business with an understanding of accelerating market shrinkige [and] aim to achieve early profitability.’ In other words, Nikon plans to optimize its Imaging Products Division to get ahead of the quickly-shrinking camera market by restricting and minimizing costs.

You can find all of the latest financial results and presentation materials referenced above on Nikon’s investor relations website.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on Nikon’s FY2020 financial results: ¥225.8B in revenue, ¥17.1B loss in operating profit for Imaging Products Business

Posted in Uncategorized

 

Nikon, Olympus postpone upcoming financial results, citing COVID-19 challenges

27 Apr

Both Nikon and Olympus have announced the companies will be postponing the announcements of their most recent financial results, both of which were originally scheduled to be announced in mid-May.

In a press release on its website, Nikon explains the rationale for postponing the results of its fiscal year ending at the close of March 2020, which were set to be released on May 12, 2020. Nikon says the COVID-19 pandemic and subsequent stay-at-home orders have made it difficult to follow the accounting procedures within the company, which includes auditing the numbers to ensure accurate reporting. As a result, Nikon has pushed back the financial results release date to May 28, 2020.

Olympus, too, has announced it will be postponing its financial results for its fiscal year ending at the close of March 2020. Like Nikon, Olympus says the COVID-19 pandemic has affected the timeliness of the results, saying ‘it is difficult to proceed with the scheduled accounting procedures implemented by the Company and its domestic and overseas affiliates as scheduled.’ Instead of an early May release, Olympus says it will release the latest results on May 29, 2020, just one day after Nikon.

We could theorize other reasons the companies may be pushing back the results, but the truth of the matter is auditing the financials of a multi-national operation is an intensive task; one made very difficult when non-essential employees are being ordered to work from home to reduce the spread of the Coronavirus. That said, it’s unlikely to be good news if Canon’s most recent financial report is anything to go by.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on Nikon, Olympus postpone upcoming financial results, citing COVID-19 challenges

Posted in Uncategorized

 

Canon’s Q1 financial report shows Imaging Systems net sales and profits are down 13.9%, 80.6% YoY

24 Apr

Canon has released its first-quarter (Q1) financial report, revealing just how bad the COVID-19 pandemic has affected its bottom line and suggesting it’s only going to get worse before it gets better.

The report starts off by stating on its ‘Key Message’ summary page that the COVID-19 pandemic has ‘completely [changed the] global economic landscape’ with the following bullet point saying the ‘global economy faces worst recession since the Great Depression’ due to the ongoing pandemic.

Across the board, Canon saw a 9.5% drop in net sales and an 18.7% decline in operating profit for Q1 (January 1 through April 23), year-over-year (YoY). But even those numbers look great in comparison to those found within Canon’s Imaging Systems division, which accounts for camera and inkjet printer sales.

The report shows net sales and operating profit for Q1 within the Imaging System division is down 13.9% and 80.6%, respectively, YoY. Further split up, Canon states its net sales are down 24.8% YoY specifically for cameras, while its inkjet printer net sales were actually up 7.3%. Despite the current situation, Canon hasn’t changed its projections which currently have net sales and operating profits down 2.5% and up 11.5%, respectively for the entire 2020 fiscal year.

That may very well change though, as Canon expects its second quarter (Q2) to be even worse, as Canon’s current downward trajectory didn’t even start until mid-way through Q1. Combined with the uncertainty of when the COVID-19 pandemic will begin to subside, Canon says it’s difficult to provide accurate estimates of future financials and even clarifies that once the global economy is back on the rise, it’s unlikely cameras will see an immediate return to normal sales.

In addition to the impact on supply, sales of interchangeable-lens cameras were also greatly affected. One after another, live events were canceled or postponed and chances to use cameras decreased. In addition to this, we believe it will take time to see a recovery in the demand for cameras, which are considered luxury items, even after the global economic turmoil has subsided.’

Whatever happens, it seems Canon has little intent on slowing down. In its summary of the results, Canon says it ‘will steadily push forward [its] strategy that focuses on models for professionals and advanced-amateurs to maintain medium- to longterm profitability,’ an obvious nod to the forthcoming EOS R5 camera, as well as new RF lenses on the horizon.

Something worth keeping in mind, as with all financial reports, is that numbers alone don’t tell the whole story. There is plenty going on behind-the-scenes and there is a lot of grey area within the net sales and operating profits within any given division.

For this particular Q1 report, a standout example of this is in the dramatic discrepancy between the net sales and operating profit within Canon’s Imaging Systems division. While we obviously can’t confirm this to be the case, the 80.6% decline in operating profit could very well be due, at least in part, to the research, development and marketing expenses of the EOS R5 and other professional and ‘advanced amateur’ camera systems Canon plans to release in the near future. It’s shaping up to be an industry-shaking camera based on the currently-known specs and actively developing such a system doesn’t come cheap.

You can read through all of the Q1 financial documents on Canon’s investor relations website.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on Canon’s Q1 financial report shows Imaging Systems net sales and profits are down 13.9%, 80.6% YoY

Posted in Uncategorized

 

A closer look into the latest financial reports from Canon, Nikon and Sony

15 Nov

It’s no surprise the camera market is in a decline, earmarked by continuously-decreasing unit sales, revenue and operating income. It seems as though no company is safe from the impact of both smartphones and the general decline in demand for DSLRs, but while the numbers are indeed in a freefall, the reality is the actual macro-level outlook is far more nuanced than catchy headlines alone can tell.

To take a more overhead view of the camera industry, we’re dug into the industry-wide numbers from CIPA and broken down the most recent results from Canon, Nikon and Sony to compare them year-over-year (Y/Y) to see how things are shaping up.

CIPA

CIPA provides an overarching view of how the camera industry is doing through the participation of nearly a dozen camera companies that report their production and unit shipments to CIPA on a monthly basis. Since we’re only looking at the last two quarters from Canon, Nikon and Sony, we’re only going to dive into the numbers for the corresponding months of CIPA’s data.

CIPA’s September graph showing interchangeable lens camera unit sales over the past three years.

From April 2019 to September 2019 (the latest statistical data CIPA has made available), CIPA reports 8M total digital camera shipments: 4.4 million interchangeable lens cameras and 3.6 million cameras with built-in or fixed lenses. This is an overall decrease of 22-percent Y/Y with a 23-percent decrease for interchangeable lens cameras and a 20-percent decrease in cameras with built-in or fixed lenses.

CIPA’s September graph showing interchangeable lens unit sales over the past three years.

These decreases are concerning, but still less dramatic than the Y/Y change from 2017 to 2018. This change could be due to a few factors, but the most obvious one is that both Canon and Nikon introduced their full-frame mirrorless systems in late 2018, which likely helped to slow down the declining market as consumers hopped onboard the newer systems. However, it’s clear from the following numbers that neither Canon nor Nikon saw their full-frame mirrorless options replace the declining sales of DSLRs as both companies might ultimately be hoping.

Canon

For its FY2019 Q2 and Q3 numbers, Canon reported 2.06 million unit sales for interchangeable lens cameras and 1.36 million compact camera sales during its FY2019 second and third quarters, a decrease of 16-percent and 13-percent respectively Y/Y for the same time period.

A breakdown from Canon’s Q3 financial presentation that highlights the units sold in Q3 as well as the net sales and operating income of its Imaging Systems division.

This 16-percent decrease is less than the industry-wide 22% decrease as noted in CIPA’s data, but these two quarters last year were before Canon’s EOS R (and EOS RP) was announced and it’s possible that DSLR sales were depressed in expectation of the new cameras being around the corner. So, while the numbers are better than the market in general, with all of the development and marketing that went into making its new RF-series gear, it’s merely softened the blow rather than boost unit sales.

In regards to finances, Canon has reported ¥394B ($ 3.6M) in revenue and ¥23B in operating profit over the past two quarters, a decrease of 19-percent and 59-percent, respectively. It’s worth noting the drop also includes the loss of revenue and profit from the broadcasting and cinema gear that was included in last year’s numbers and has since been moved elsewhere within Canon’s business structure.

A breakdown of the net sales and operating income of Canon’s respective business divisions for its third quarter.

Throughout its presentation for investors, Canon specifically references the ‘deterioration of [the] macro-environment,’ which is more or less investor spin for the camera market is in decline—a fact backed up by CIPA numbers, as well as numbers from other camera manufacturers during the same time period. Canon also echos the sentiment that you’ll see in Nikon and Sony’s report below, saying there is ‘intensifying price competition.’ Interestingly though, Canon isn’t downgrading its forecast for the remainder of the year—something Nikon has done for two straight quarters now as you’ll see below.

Canon also notes that it’s working to lower inventory before the end of FY2019. Based on numbers provided, Canon has ¥157B worth of inventory as of the end of FY2019 Q3; less than it had this time last year (¥174B), but still higher than previous FY2019 quarters.

A breakdown from Canon’s Q3 financial presentation that discloses current inventory levels compared to previous quarters and last year.

Something always worth keeping in mind is that Canon’s Imaging Systems business accounts for a relatively small percentage of its overall income. Based on the numbers from FY2018, Canon’s Imaging Systems division represents 25-percent of its overall revenue and 37-percent of its operating profit.

Also, Canon’s FY2019 numbers are skewed when looked at Y/Y, as it moved its broadcasting equipment and cinema-use video cameras from its Imaging System division to its Industry & Others division.

Nikon

Moving onto Nikon, the numbers don’t get any prettier. In its most recent financial statements covering the past two quarters, Nikon says it sold 800K interchangeable lens cameras, 1.3M interchangeable lenses and 500K compact cameras. These numbers are down 25-percent, 21-percent and 41-percent Y/Y, respectively.

Revenue, Operating income and unit sales broken down in Nikon’s Q2 financial presentation.

In its financial presentation for investors, Nikon has updated its forecast for how many units it expects to ship this coming fiscal year, as well as the number of units it expects the digital camera market as a whole to bear. Nikon believes it will sell 1.5M interchangeable lens cameras, 2.5 million interchangeable lenses and 900K compact cameras, down 100K units across the board compared to its previous forecast from August 2019 and down 28-percent Y/Y.

Comparing Nikon’s numbers to Canon show the situation is more dire for Nikon. Canon’s EOS R and EOS RP haven’t done as well as Canon expected, but Canon is forecasting unit sales to drop 17-percent Y/Y whereas Nikon’s forecasting nearly double that at 28-percent. This means Canon is expecting a decline less than the market as a whole according to CIPA’s numbers whereas Nikon is six percentage points worse than what CIPA is reporting.

A chart from Nikon’s Q2 financial presentation that breaks down the sales of its ILCs, interchangeable lenses and compact camera unit sales.

In addition to unit sales, Nikon’s revenue and operating income aren’t cheery either. Over the first half of its FY2020, Nikon reported 119B yen in revenue and an operating profit of just 2B yen. Compared to the first half of its FY2019, those numbers are a 21-percent and 85-percent decrease, respectively.

Much like Canon with its RF-series, the cost Nikon has sunk into its Z-mount system and accompanying lenses has likely contributed to the massive decrease in operating profit. It’s not cheap to develop new systems and lenses, especially considering the amount of capital required to get new factories and fabrication up and running at full scale.

A chart from Nikon’s Q2 financial presentation showing revenue, operating income and unit sales figures compared to last year, as well as the forecast for the remainder of this fiscal year.

Nikon specifically calls out its Imaging Products Business in the presentation, saying it was the only division that wasn’t ‘mostly in line’ with its estimates. The materials specifically say the camera market ‘has deteriorated further as market shrinkage accelerates and competition intensifies.’ It also cites the increased cost of its Z-mount system lineup expansion as ‘a burden’ to its operating profit and notes it overestimated the sales forecast of its Z-series cameras.

For a company that’s stated in the past that its Z-series is more or less the future of the company, continually low numbers isn’t the best look, especially considering how much Nikon relies on its camera division compared to the likes of Canon and Sony. Nikon goes so far as to say it hopes to ‘fundamentally transform’ its Imaging Products Business to ‘generate enough profits to justify [the Imaging Products Business] existence as a business unit.’

Sony

Of all the financial results we look at, Sony’s has consistently been one of the most challenging to gain details insights on. Due to how they structure their business segments, we can’t really delve into the figures in detail as we can with Canon and Nikon. However, Sony didn’t specifically mention anything too positive or negative about its camera division, which hints that there wasn’t anything too notable about its latest quarters.

A breakdown of sales and operating income for Sony’s Electronics Products & Solutions division. This division includes Sony’s camera sales, as well as mobile devices, televisions and other electronics.

According to Sony’s current Q2 and Q3 reports, its Electronics Products & Solutions EP&S segment — which includes digital cameras amongst other electronic products — pulled in 977.4B yen in revenue and 66.5B yen in operating profit. This is a decrease of 13-percent and an increase of 35-percent Y/Y, respectively. Sony doesn’t elaborate much on the sales of camera gear, aside from saying that overall unit sales have decreased year over year.

A breakdown in sales and operating income for Sony’s Imaging & Sensing Solutions division, which is responsible for the manufacturing of its imaging sensors.

Moving onto Sony’s Imaging & Sensing Solutions (I&SS) segment, which is a separate — but related — business responsible for making its image sensors, the latest reports put its cumulative Q2 and Q3 earnings at 541B yen and 126B yen. This is an increase of 18-percent and 64-percent, respectively. Sony says a ‘significance increase in sales of image sensors for mobile products,’ mostly due to smartphone manufacturers now putting multiple camera units in their devices, as the main reason for such dramatic growth Y/Y in both revenue and operating profit

Conclusion

All in all, there’s plenty to take away from the latest numbers and results. The digital camera market continues to shrink and although full-frame mirrorless cameras from Canon and Nikon are somewhat picking up the slack in sales, they’re not entirely mitigating the decrease in DSLR shipments—especially for Nikon.

Furthermore, the cost of research and development (not to mention marketing and promotional material) that goes into launching cameras and lenses with new mounts has dramatically impacted the operating profits of the imaging divisions. As Canon and Nikon continue to pump money into their newer systems, operating profit will likely stay low until economy of scales kicks in and the new fabrication components are paid off. But declining DSLR and compact sales without corresponding growth in the mirrorless market isn’t going to make the transitions any easier to get through.

The market appears to be dropping at a slower rate than it has in past years, but it’s still not great news. At what point it will stabilize remains to be seen, but with an Olympic year next year and more mirrorless developments in the works across the entire industry, it’ll likely be a while until we find out.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on A closer look into the latest financial reports from Canon, Nikon and Sony

Posted in Uncategorized

 

Sony’s financial report shows 2% YOY growth for its ‘Imaging Products and Solutions’ division

18 May

Editor’s note: Keep in mind that each company groups different products under their respective ‘Imaging’ category, so there may be slight differences in what products and services are offered in the financial details. However, the categories are broadly similar and comparable, and we’ve done our best to account for those differences using available information.’


If you were to look at the most recent financials of Canon, Nikon and a few other camera manufacturers, it would seem the camera industry as a whole is facing a crisis. But not everyone in the imaging market is struggling, as Sony’s latest financials show.

Sony has published its latest annual financial report and inside a number of interesting details have emerged. Sony’s 2018 fiscal year (2018FY), which ended March 31, 2019, saw increased sales of 14.6 billion yen for its Imaging Products and Solutions division for a total of 670.5 billion yen. This amounts to a two percent year-over-year (YOY) growth, accounting for loss due to currency conversion.

A small snapshot from Sony’s financial report showing the sales numbers (in millions of yen). On the left are the numbers are through March 31, 2018, while numbers bolded in the center are the numbers through March 31, 2019. The numbers on the right are the difference between the two years.

While two percent might not seem impressive, Nikon’s imaging division reported a 17.9 percent decrease while Canon reported an annual decrease of 11.3 percent YOY.

Sony specifically mentions in its report (starting on page 26) that ‘[the] increase was mainly due to an improvement in the product mix reflecting a shift to high value-added models such as mirrorless single-lens cameras and the interchangeable lens lineup, partially offset by a decrease in compact digital camera unit sales reflecting a contraction of the market.’ Sony also says reductions in operating costs helped to reduce to YOY numbers.

In a year when it seems nearly every other company manufacturing cameras is showing decreasing profits YOY, it seems Sony managed to find a way to keep profits growing throughout 2018.


Update (May 17, 2019): The last paragraph in this article has been removed and rephrased to account for the discrepancies in the fiscal years between companies.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on Sony’s financial report shows 2% YOY growth for its ‘Imaging Products and Solutions’ division

Posted in Uncategorized

 

Fujifilm Imaging Solutions posts excellent financial results

14 Feb

Fujifilm Holdings has posted its financial results for the first three quarters of the 2017 fiscal year, and it’s all good news for the Imaging Solutions division. The segment recorded a revenue of 297.7 billion yen (approximately $ 2.77 billion USD), a bump of 15.6% year-on-year. Imaging Solution operating income totaled 50.0 billion yen (approximately $ 465 million USD), up 76.1% over the same period during the previous year.

From the figures in its earnings presentation, it seems the bulk of the increase comes from the Photo Imaging business—read: Instax cameras—but strong sales in the Electronic Imaging business show the X-Series is starting to deliver. Quarterly revenue for Electronic Imaging is up 39%, thanks to strong sales of the X-E3, X-T20 and X100F models, and the mirrorless medium-format camera GFX 50S and corresponding lenses.

Sales also increased in the Optical Devices business, largely due to strong sales of various industrial-use lenses, used for example in vehicle cameras or projectors. And, finally, Fujifilm’s presentation also mentions the launch of the new MK series of lenses, which are designed for cinema cameras and targeted at the growing area of video creation for online purposes.

If you want to dive into more detail, you can find all the report documents, including a video of the presentation, on the Fujifilm Holdings website. But long story short: Fujifilm’s Imaging Solutions division seems to be doing very well.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on Fujifilm Imaging Solutions posts excellent financial results

Posted in Uncategorized

 

GoPro Q3 2017 financial results reveal return to profitability

04 Nov

GoPro has reported its Q3 2017 financial results, detailing revenue that highlights a return to profitability. The company has undergone extensive business restructuring over past months in an effort to reverse its fortunes while decreasing non-GAAP expenses. According to its latest quarterly results, GoPro saw a 37% year-on-year revenue increase, raking in $ 47 million in cash with a 40% gross margin.

GoPro achieved both GAAP and non-GAAP profitability during its third fiscal quarter, with company CEO Nicholas Woodman saying, “GoPro has turned a corner, restoring growth and profitability to our business.” In addition to growing revenue, GoPro saw “dramatically reduced operating costs,” though the lower costs won’t affect its product roadmap, according to Woodman.

In its third quarter last year, GoPro saw a GAAP net loss of $ 104 million. Compare that to this year’s Q3 GAAP net income of about $ 15 million, and you’ll get a sense of the drastic improvement the company just posted. The turnaround has been largely driven by GoPro’s average sales price (up 22% year-on-year) and the cat that its quarterly operating expenses were the lowest they’ve been in 3 years.

Articles: Digital Photography Review (dpreview.com)

 
Comments Off on GoPro Q3 2017 financial results reveal return to profitability

Posted in Uncategorized

 

Financial statement analysis and valuation easton filetype pdf

02 Sep

You light surfaces only, our experts create writing masterpieces that earn our customers not only high grades but also a solid reputation from demanding professors. Earth of departed sunset, my course runs below the financial statement analysis and valuation easton filetype pdf of plummets. The past and present wilt – have you practis’d so long […]
BooksChantcdCom

 
Comments Off on Financial statement analysis and valuation easton filetype pdf

Posted in Equipment