Bloom: Canon increase profit forecast
"Canon Inc. (7751), the world’s largest camera maker, increased its full-year operating profit forecast as sales of higher-end models benefited from a weaker yen.
Operating income will probably climb to 365 billion yen ($3.6 billion) this year compared with the previous projection of 360 billion yen, Canon said in a statement today. The company raised its sales forecast for this year to 3.86 trillion yen from 3.85 trillion yen.
Canon’s sales are strengthening as a weaker yen makes its cameras, including high-end models aimed at professionals and hobbyists, more competitive overseas. The Tokyo-based company is also cutting costs and has expanded into making medical devices such as eye-care diagnostic instruments.
“We expect sales to increase in the second half of this year,” Chief Financial Officer Toshizo Tanaka said today. “High-end products are selling well, although the market for digital compact cameras is shrinking.”