Canon Posts 4% Decline In FQ2 Profit, Lowers Forecast

Canon CAJ reported a 4% drop in its net profit for the fiscal second quarter and cut its full-year forecast. Canon's quarterly net profit fell to Y51.71 billion, versus a year-ago profit of Y53.86 billion. Its sales climbed 7.5% to Y899.21 billion from Y836.57 billion, while operating profit surged 18% to Y92.60 billion from Y78.41 billion. For the full year ending December 31, Canon cut its net profit forecast to Y250 billion, versus its earlier forecast of Y290 billion. It also lowered its operating profit forecast to Y390 billion from Y450 billion. It now expects sales of Y3.690 trillion, versus Y3.900 trillion. Canon shares closed at $34.16 yesterday.