Canon Claims Cameras Turning Corner

As usual, Canon is the first to present their January to March fiscal results (partly because it isn't the end of their fiscal year). 

Interchangeable lens cameras were up 6% on a volume basis (1.08m units), compact cameras were down 6% on the same basis (1.0m units). Overall, camera sales were up 7.4%, and profit from the Imaging System group was up 49% year-to-year. All generally good news. 

Canon's full year forecast is unchanged, predicting a 7% decline in ILC cameras for the entire year, a 13% decline for compact cameras, with sales being relatively flat (-0.7%) and profits up 8.7%. In terms of market share, Canon expects to finish 2017 with a 48% market share in ILC cameras and a 27% market share in compacts. 

Canon made a specific comment about G series compacts being strong, which makes Nikon's cancellation of the DL series even more odd. 

Overall, the comment from Canon at their press conferences was that camera market decline was bottoming out, and that Canon hoped to now see growth in the category long-term. Of course, their market projections for 2017 still say a decline is going on, so maybe a more accurate observation might be that they think they can see the bottom and how they'll turn the corner. 

For those that are interested: Nikon is typically the last to report, and they are scheduled to report their full fiscal year results on May 11th.

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