Japan's Canon Upgrades Fiscal Year Group Net Profit Outlook To Y505 Billion 2:48 AM EDT April 24, 2007
TOKYO -(Dow Jones)-" Canon Inc. (7751.TO) said Tuesday its group net profit for January-March jumped 21% to a record high for a first quarter on strong sales of digital cameras and printers coupled with a weaker yen. The Japanese precision electronics maker also raised its earnings outlook for its full fiscal year through December. It recorded a group net profit of Y131.25 billion for the fiscal first quarter, up from Y108.27 billion in the first quarter of last year. Its group operating profit rose 22% to Y207.40 billion from Y170.14 billion. Its group sales rose 13% to Y1.040 trillion from Y923.27 billion. The strong results suggest Canon is on track for another record year of profits. In 2006, the company posted its seventh-straight year of record net profit, based on continued strength in its copy machine, printer, and camera divisions, which brought in 87.2% of its revenue. For the first quarter, Canon's business machines division, which includes copiers and printers, had an operating profit of Y176.51 billion, up 16% from a year earlier. Its camera division saw operating profit soar 37% to Y60.53 billion. For the full year, Canon raised its group net profit projection to Y505.00 billion from Y495.00 billion and lifted its group sales forecast to Y4.540 trillion from Y4.450 trillion. Canon reports its earnings based on U.S. accounting standards."
-By Jay Alabaster, Dow Jones Newswires; 813-5255-2929;