Canon Q1 Profit Down 45.2%; Lowers FY19 Forecast - Quick Facts

(RTTNews) - Digital camera maker Canon Inc. (CAJ) reported Wednesday that its first-quarter net income attributable to the company fell 45.2 percent to 31.31 billion yen or $282.05 million, from last year's 57.11 billion yen. Earnings per share also fell 45.2 percent to 28.99 yen or $0.26, from 52.89 yen a year ago.

Net sales for the quarter declined 10.0 percent to 864.47 billion yen or $7.79 billion from 960.71 billion yen in the prior-year quarter.

The company's first-quarter operating profit decreased 47.6 percent from last year to 40.43 billion yen.

Looking ahead, Canon now forecasts full-year consolidated net sales in 2019 of 3.85 trillion yen, operating profit of 274.0 billion yen, and net income attributable the company of 200.0 billion yen.

Earlier, the company projected full-year consolidated net sales in 2019 of 3.90 trillion yen, operating profit of 325.0 billion yen, and net income attributable to the company of 240.0 billion yen.