Canon Q2 profit more than doubles, keeps outlook

TOKYO, July 27 (BestGrowthStock) – Japanese camera and office
equipment maker Canon Inc (7751.T: ) posted a 153 percent rise in
quarterly profit, a bigger than expected climb on robust sales of
its high-end cameras.

For the year to Dec. 31 the maker of IXY compact cameras and
upmarket EOS cameras kept its operating profit outlook at 360
billion yen ($4.1 billion), compared with a consensus for 384
billion yen in a poll of seven analysts by Thomson Reuters
I/B/E/S.

April-June operating profit was 113.4 billion yen, compared
with a consensus forecast of 90.6 billion yen in a poll of four
analysts by Thomson Reuters I/B/E/S.

It marked the third straight quarter of year-on-year profit
growth for the world’s biggest maker of digital cameras, ahead of
Sony Corp (6758.T: ) and Nikon (7731.T: ).

Shares in Canon, which also competes with Xerox Corp (XRX.N: )
and Ricoh Co (7752.T: ) in office equipment, fell 19.2 percent from
April to Monday, underperforming Tokyo’s electrical machinery
index (IELEC.T: ), which fell 16.8 percent in the same period.

Stock Market Money

(Reporting by Isabel Reynolds, Editing by Ian Geoghegan)

Canon Q2 profit more than doubles, keeps outlook