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08-08-2018, 07:47 AM - 1 Like   #1
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Nikon Financial Info August7 2018

Nikon is on a roll and camera is a big part of it because of their change is strategy. They confirm ML have make a dent in the DSLR market
QuoteQuote:
FY2019/3 Q1 Result


Operating Profit of Q1 was 19 billion exceeding our forecast.
Operating Profit increased 6.6billion in spite of the year-
On year revenue drop,thanks to the continued shift toward high value added digital cameras and theaverage price hike of highly profitable FPD lithography systems.
Imaging Products: full-framemirrorless camera (featuring a new mount) and exclusive lense will be launchedto continue the profit upward trend three fiscal years in a row and on.
Imaging product revenuedrop 13 % but margin increase 60%
While the DSLR marketshrinks significantly due to expansion of ML cameras, the D850 is still highlyevaluated even after a year from its launch: exceeding the sales forecast in all regions and the product mix has been improved.
Very interesting data on market share for DSLR and lenses
Market for 2019 declining11%. Nikon share is 23% or 2,3 millions unit
Lens market dropping 20%, Nikondropping by same amount. Nikon share is 20% or 3,4 millions unit
-Key comment is Nikon improve their product mix. (Dropping low endproduct)
Info available here
Nikon | Investor Relations | Financial Results and Presentation Materials

08-08-2018, 09:14 AM   #2
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I'm not sure how you can say they're on a roll when their revenue continues to drop along with their unit sales (including lenses). Margins obviously increase when a high end full frame camera is the only new thing you have in the lineup but how long and how many of those can you sell without the base below it for support?
08-08-2018, 10:13 AM   #3
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DSLR market is declining. Nikon is staking out the premium high-margin end of the market. Revenues are down but cost of goods is down even more, leaving increased gross profit. SG&A expenses are down, suggesting the company is doing a good job of managing for lower sales. Finance income (what we would call investment income) is up substantially, but this is not an indicator of the shape of their core business. Taxes are up commensurate with increased income.

My gut feeling is management is doing a good job of managing for the realities of the day. They are pruning production costs, reducing overhead, and focusing on the strongest parts of their business.

thanks, bobmaxja, for linking to the financial results.
08-08-2018, 11:03 AM   #4
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DSLR are so good, that people don't change that often and mirrorless only sell to people who want to have the latest tech. Nikon and Canon can go on diet , to slim down and still do fine.

08-08-2018, 11:25 AM   #5
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Nikon probably just needs to restructure a bit, as biz-engineer says, slim down, and target themselves at the current market. It is clear that they are targeting higher end and that is true, even in the mirrorless segment, where they plan to be in the over two thousand dollar price point.

It's a new market and everyone is struggling, except maybe Canon.
08-08-2018, 01:28 PM   #6
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Canon has also hinted like Nikon - or these are credible rumors - they are preparing a new full frame mirrorless mount.
I doubt this is good direction for both companies, and it looks even dangerous for Nikon.
But let's wait and see...
Next photokina should reveal somme of their decisions.
08-09-2018, 03:26 PM   #7
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Unless I'm mistaken, despite the profit shown in the last quarters, Nikon market-share in bodies and lenses continues to fall faster than the decline in the overall market so they're losing ground relative to their competitors.
08-09-2018, 04:03 PM   #8
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QuoteOriginally posted by wjjstu Quote
Unless I'm mistaken, despite the profit shown in the last quarters, Nikon market-share in bodies and lenses continues to fall faster than the decline in the overall market so they're losing ground relative to their competitors.
Read the document the decrease in volume is the same as the market on DSLR and difference on lense is marginal.

08-17-2018, 07:10 PM - 1 Like   #9
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QuoteOriginally posted by wjjstu Quote
Unless I'm mistaken, despite the profit shown in the last quarters, Nikon market-share in bodies and lenses continues to fall faster than the decline in the overall market so they're losing ground relative to their competitors.
Their focus is not on market share - if they can increase their profits despite falling sales, they are just fine with that {same kind of thinking expressed by Ricoh/Pentax, BTW}
08-17-2018, 07:42 PM   #10
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reh321, that exactly the message that I read in the financial. The roll was not volume but margin who is more important
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