Canon Posts Drop In Q1 Profit, Lowers Outlook

reported a 28.7 percent decline in its net profit for the first quarter and lowered its earnings guidance for the fiscal year. For the fiscal year, the company now expects a net profit of Y255 billion on revenue of Y3.86 trillion. The company had earlier expected earnings of Y260 billion on revenue of Y3.9 trillion. In 2015, the company now projects to sell 7.0 million compact cameras, compared to a prior outlook of 7.8 million. Canon's quarterly net profit dropped to Y33.9 billion, versus a year-ago profit of Y47.6 billion. EPS slipped to 31.07 yen from 42.11 yen. Its sales slipped 1.3 percent to Y857.4 billion, compared to Y868.3 billion. Canon shares rose 0.67 percent to close at $37.58 on Friday.