Canon Q1 Net Profit Down 33.5%

Canon CAJ reported a 33.5% drop in its net profit for the first quarter. Canon's quarterly net profit fell to Y40.91 billion ($411.35 million), from Y61.54 billion, in the year-earlier period. Its sales declined 1.5% to Y816.65 billion, while operating profit dropped 33.8% to Y54.77 billion. However, analysts were expecting a net profit of Y52.15 billion on sales of Y833.70 billion. For the current year, Canon now projects a net profit of Y290 billion on sales of Y3.98 trillion. Canon shares closed at $38.86 yesterday.