Nikon’s Q1 FY2022 results: Revenue, operating profit up with 220K ILC units, 390K lens units sold: Digital Photography Review

Nikon has shared its financial results for the first quarter of its 2022 fiscal year (Q1 FY2022), which ends March 2022 and spans from April 1, 2021 to June 30, 2021.

1st quarter of the year ending March 31, 2022: Financial Highlights by Segment. Click to enlarge.

Nikon’s Imaging Products Business shows revenue of 50 billion yen ($457 million) and an operating profit of 9.2 billion yen ($84 million). That’s up 24.9 billion yen ($228 million) and 17.5 billion yen ($160 million), respectively, compared to the same quarter last year (Q1 FY2021). Nikon says the increase in revenue is ‘due in part to the weaker yen’ and notes its Q1 FY2022 operating profit was ‘significantly’ higher due to ‘deferred partial expenses to Q2 and beyond,’ suggesting we might see a future impact as these expenses are realized throughout the rest of the year.

As for units, Nikon sold 220,000 interchangeable lens camera units, 390,000 interchangeable lenses and 70,000 compact cameras. That’s an increase of 80,000, 170,000 and 20,000, respectively, compared to Q1 FY2021.

1st quarter of the year ending March 31, 2022: Imaging Products Business breakdown. Click to enlarge.

Nikon attributes its recovery to ‘expanded sales of mid- to high-end products to professionals and hobbyists by enhancing the lineup of interchangeable lenses for mirrorless cameras’ as well as ‘the recovery of the market from the same period last year during which the spread of COVID-19 adversely affected sales.’ Nikon says it expects the digital camera market to continue recovering and confirms the average selling price (ASP) is increasing as it continues to ‘shift [focus] to models for pro/hobbyists.’

Unlike Canon, Nikon makes no mention of the global chip shortage in regards to how it’s impacting production, despite no longer shipping USB-C cable chargers with its new Z6 II and Z7 II mirrorless cameras due to problems with sourcing the required components.

You can find Nikon’s financial results and presentation material for Q1 FY2022 on Nikon’s Investor Relations website.

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