Canon Q3 Profit Declines On Weak Revenues; Cuts FY18 Forecast - Quick Facts

(RTTNews) - Digital camera maker Canon Inc. (CAJ) reported Wednesday that its third-quarter net income attributable decreased 26.6% to 46.3 billion Japanese yen or $405.77 million from last year's 63.05 billion yen.

Earnings per share were 42.84 yen or $0.38 for the third quarter, lower than prior year's 58.39 yen.

The third-quarter operating profit decreased 12.4% to 68.3 billion yen or $599.37 million from 78 billion yen last year.

Third-quarter net sales fell 6.8% to 926.5 billion yen or $8.13 billion from prior year's 994.49 billion yen.

Looking ahead, Canon now projects full-year consolidated net sales of 4 trillion yen, a year-on-year decrease of 2.0%; operating profit of 335.5 billion yen, a year-on-year increase of 4.3%; and attributable net income of 251.0 billion yen, a year-on-year increase of 3.8%.

The company previously expected full-year consolidated net sales of 4.12 trillion yen, a year-on-year increase of 1.0%; operating profit of 378.5 billion yen, a year-on-year increase of 17.7%; and net income attributable to Canon Inc. of 280.0 billion yen, a year-on-year increase of 15.7%.

The revision taken into consideration the revised assumptions for sales for interchangeable-lens digital cameras, and postponement of capital investment in equipment by manufacturers in the Industry and Others sector.

In Japan, Canon shares fell 2.9 percent on Thursday's trading to 3,397 yen.