TOKYO (dpa-AFX) - Canon Inc. (CAJ), a Japanese optical, imaging, and industrial products maker, on Thursday reported a rise in net profit and sales for the third quarter, on the reversal of tax provisions recorded in prior years. The company has revised down its annual guidance.
For three-month period to September 30, the company posted net profit of 68.763 billion yen or 71.85 yen per share, higher than 62.134 billion yen or 62.62 yen per share, registered for the same period last year.
Pre-tax income was at 89.322 billion yen as against the previous year's 87.320 billion yen.
Sales improved to 1.079 trillion yen from the previous year's 1.025 trillion yen.
This reflects solid demand for office multifunction devices and strong sales of mirrorless cameras, including the new EOS R5 Mark II, as well as network cameras.
Looking ahead, considering challenging macro-economic conditions, geopolitical risks, currency exchange rates, and the current situation of each business, the company has revised down its annual guidance.
For the full-year to December 31, Canon now expects net income of 325 billion yen, compared with the previous outlook of 335 billion yen.
Operating profit is now projected to be at 455.500 billion yen as against earlier guidance of 465 billion yen.
The company now expects sales of 4.540 trillion yen, lower than earlier outlook of 4.600 trillion yen.
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