Canon Q2 Profit Down On Weak Sales; Cuts FY19 Outlook - Quick Facts

(RTTNews) - Digital camera maker Canon Inc. (CAJ) reported Wednesday that its second-quarter net income attributable to the company decreased 55.6 percent to 34.5 billion Japanese yen or $319.62 million from last year's 77.67 billion yen.

Basic earnings per share were 32.21 yen for the second quarter, a year-on-year decrease of 39.72 yen.

Second-quarter operating profit fell 56 percent from last year to 43.13 billion yen or $399.32 million.

Net sales decreased 10 percent to 905.9 billion yen or $8.39 billion from last year's 1 .01 trillion yen.

Looking ahead for fiscal 2019, Canon now projects attributable net income of 160 billion yen, a year-on-year decrease of 36.7 percent, operating profit of 215.0 billion yen, a decrease of 37.3 percent, and consolidated net sales of 3.75 trillion yen, a drop of 5.2 percent.

The company previously expected attributable net income of 200 billion yen, operating profit of 274 billion yen, and consolidated net sales of 3.85 trillion yen.