where there’s smoke there’s fire

Today Nikon released their end of year financial reports (for the 2022 fiscal year ending on March 31, 2022):

Fiscal 2022 (April 1, 2021 – March 31, 2022):

• Imaging finished the year at ¥178.2 billion revenue and ¥19 billion earnings (10.7% margin), missing revenue by 1% and earnings by 5% against the last projection from Feb 4th.
• They shipped 700,000 bodies (down 16.67% from previous year), 1.27 million lenses (down 5.93%) and 190,000 compacts (down 26.92%).
• That gave them an industry unit share of about 13.7% on bodies, 13.5% on lenses and 7% on compacts. (They had projected 13.9%/14.1%/7%).
• They met their last unit projection on bodies, missed by 2.31% on lenses and missed by 5% on compacts.

Fiscal 2023 forecast (April 1, 2022 – March 31, 2023):

• Imaging is projecting ¥210 billion revenue (+17.85% compared to fiscal 2022) and ¥22 billion earnings (+15.79%) resulting in a 10.5% gross margin (down 0.2%).
• They’re projecting the same 700,000 bodies, 1.25 million lenses (down 20,000) and 100,000 compacts (down 90,000).
• Nikon is claiming fiscal 2023 industry scale of 5.1 million bodies, 9.4 million lenses and 2.2 million compacts, giving them a projected market unit share of 13.7% on bodies, 13.3% on lenses and 4.5% on compacts.

Here are the details:

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