Canon Q2 Net Profit Surges 28.6%

Canon CAJ reported a 28.6% rise in its second-quarter net profit. Canon's quarterly net profit surged to Y66.50 billion ($662.94 million), from Y51.71 billion, in the year-ago period. Its sales increased 7.5% to Y966.88 billion, while operating profit jumped 6.2% to Y98.35 billion. However, analysts were expecting a net profit of Y59.5 billion on revenue of Y949.64 billion. For the full year, the company now expects profit of Y260 billion on sales of Y3.85 trillion. Canon shares closed at $34.53 yesterday.