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Japan's Canon posted a 72 percent fall in quarterly profit, hit by weak demand for copiers and a firmer yen, but it raised its full-year forecast by 6 percent.
Canon [CAJ
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], the world's largest digital camera maker ahead of Sony [SNE
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] and Nikon, gained from solid demand for high-end cameras, but its copiers and printers business suffered sluggish sales as companies rein in spending on office machines in a tough economic environment.
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www.canon40d.net Canon 40D |
The new forecast is still 62 percent lower on the year and compares with a consensus forecast for a 174 billion yen profit in a poll of 18 analysts by Reuters.
Canon's results come after rival Xerox beat quarterly profit estimates last week, helped by cost cuts, but cautioned that a slowdown in office equipment spending would pinch revenue for the remainder of the year.
Canon competes with Xerox [XRX
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], Ricoh and Konica Minolta Holdings in copiers and printers.
Canon's operating profit came in at 44.91 billion yen in April-June, down from 160.15 billion yen a year earlier, but that was up from a 20 billion yen profit in the previous quarter, in a sign Canon's quarterly earnings may have bottomed out.
Prior to the announcement, shares in Canon closed down 0.3 percent at 3,370 yen, outperforming the Tokyo stock market's electrical machinery index, which fell 1 percent.
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Canon shares are up 20 percent since April through Monday versus a 28 percent rise in the subindex.
Data is a real-time snapshot *Data is delayed at least 15 minutes