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Canon trades higher on strong operating profit in imaging systems

Oct. 26, 2020 1:09 PM ETCanon Inc. (CAJPY) StockCAJPYBy: SA News Team
  • Canon (CAJ +4.6%) Q3 net sales dipped 12.7% Y/Y led by major slump in office segment (-21% Y/Y).
  • Despite recording drop in sales, structural reform and expense cutting drove imaging system profitability higher to 167% Y/Y growth while industry & others reported a surge of 49.8% in operating profit.
  • Free cash flow as of Sep.30 increased by ¥87.5B to ¥500.3B from prior year period.
  • Recovery is expected to continue in Q4:

  • For FY20, Canon updated its estimates led by increased sales and profit of new businesses. For office and medical system projections were lowered while for imaging system and industry & others projections were raised.
  • Cash flow is seen improving by increasing profit, limited capital expending; it targets to secure same level of cash-on-hand as prior year (1.5 months of sales).
  • Also Read: Q3 Earnings Call Presentation
  • "When one includes its strong equity position, its profitability, the dividend and its valuation, there is a lot to like here for the patient investor," wrote Individual Trader on Seeking Alpha.
  • Previously: Canon EPS beats by $0.14, misses on revenue (Oct.26)

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