Canon Q1 Profit More Than Doubles, Lifts FY21 Outlook, Declares Dividend; Stock Up

(RTTNews) - Japan's Canon Inc. (CAJ) reported Monday that its first-quarter attributable net profit was 44.45 billion Japanese yen or $400.49 million, 103 percent higher than last year's 21.91 billion yen.

Earnings per share were 42.50 yen or $0.38, compared to 20.68 yen last year.

Operating profit was 70.56 billion yen or $635.71 million, up 114.6 percent from 32.88 billion yen a year ago.

First-quarter net sales grew 7.7 percent to 842.65 billion yen or $7.59 billion from prior year's $782.31 billion yen.

Looking ahead for the fiscal year 2021, Canon now projects attributable net income of 140 billion yen or 133.85 yen per share, an year-on-year increase of 68%. Operating profit is now expected to be 198 billion yen, up 79.1 percent, and consolidated net sales of 3.50 trillion yen, up 10.8 percent.

The company previously expected attributable net income of 115.0 billion yen, operating profit of 158 billion yen and net sales of 3.40 trillion yen.

Further, Canon said it plans to distribute a yearly dividend of 90.00 yen per share, consisting of 45.00 yen for both the interim and year-end dividend.

In Japan, Canon shares were trading at 2,652 yen, up 2.53 percent.