Canon Q3 profit leaps 74%, raises outlook

Canon Q3 profit leaps 74%, raises outlook
Comment E-mail Print Share
First Published: Wed, Oct 27 2010. 12 49 PM IST
Updated: Wed, Oct 27 2010. 12 49 PM IST
Tokyo: Japan’s Canon Inc reported a 74% rise in quarterly profit on Wednesday, above expectations, on strong sales of printers and digital cameras.
For the full year to 31 December the maker of IXY compact cameras and high-end EOS cameras raised its operating profit outlook to ¥390 billion ($4.79 billion), lower than a consensus forecast of ¥396.4 billion in a poll of 16 analysts by Thomson Reuters I/B/E/S.
Canon’s July-September operating profit was ¥104.42 billion, compared with 59.9 billion in the same period last year and a consensus forecast of 89.5 billion yen in a poll of four analysts by Thomson Reuters I/B/E/S.
Wednesday’s results marked the fourth straight quarter of year-on-year profit growth for Canon, the world’s biggest maker of digital cameras, ahead of Sony Corp and Nikon.
Canon shares have fallen about 5.5% so far this year, compared with a 12% fall in the Nikkei average. Its shares dipped 2.3% to ¥3,620 on Wednesday. The company released its results after trading ended.
Comment E-mail Print Share
First Published: Wed, Oct 27 2010. 12 49 PM IST