Canon Q4 profit jumps, sees further recovery

TOKYO, Jan 27 (BestGrowthStock) – Japan’s Canon Inc (7751.T: ) said its
quarterly profit more than doubled as brisk digital camera sales
more than offset sluggish demand for copiers, and forecast its
first annual profit growth in three years.

October-December operating profit at Canon, the world’s
largest digital camera maker ahead of Sony Corp (6758.T: ), was
92.13 billion yen ($1.03 billion) versus 35.83 billion yen a year
earlier. It was the company’s first year-on-year profit gain in
nine quarters.

Canon enjoyed strong sales of its single-lens reflex (SLR)
cameras, a high-end model with interchangeable lenses, but demand
for copiers and printers has yet to strongly revive as businesses
worldwide curb spending on office machines.

For 2010, Canon said it expects its operating profit to rise
52 percent to 330 billion yen, beating the consensus for a profit
of 319.8 billion yen in a poll of 21 analysts by Thomson Reuters
I/B/E/S.

Shares in Canon, which competes with Xerox Corp (XRX.N: ) and
Ricoh Co Ltd (7752.T: ) in copiers and printers, closed down 2.8
percent before the announcement. The Tokyo market’s electrical
machinery index (.IELEC.T: ) fell 1.6 percent.
($1=89.24 Yen)

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(Reporting by Kiyoshi Takenaka)

Canon Q4 profit jumps, sees further recovery