Canon Inc. announced its financial results for the first quarter ending March 31, 2018. Net sales for Q1 2018 were ¥960.7 billion ($8.81 billion), a decrease of 1.25%, compared to ¥972.8 billion ($8.92 billion) in Q1 2017. Net income of the company was ¥57.1 billion ($520 million), an increase of 3.7%, compared to ¥55.1 billion ($510 million) in Q1 2017.
Most of the Canon’s business units saw decline in sales except Industry and the ‘other business’ segment. This segment grew by 16.1% from ¥162.5 billion ($1.49 billion) to ¥188.5 billion ($1.73 billion) as unit sales of semiconductor lithography equipment increased significantly from the same period of the previous year. The medical system business saw a sales decline of 11.1%. Imaging Systems also saw 8.4% decline in sales due to decreased sale of digital compact cameras.
The company’s projections for the full year ending December 2018 remains unchanged and company expects to have 5% growth in sales to ¥4.3 trillion ($39.43 billion) and net profit to rise 16% to ¥280 billion ($2.57 billion).