Canon Third Quarter Profit Rises2 Nov, 2004
Canon Third Quarter Profit Rises
Canon U.S.A., Inc. said third-quarter profit rose 39 percent as it cut costs and expanded sales of color copiers and printers. The company raised its full-year net income target.
Net income rose to 101.8 billion yen ($960 million) in the three months ended Sept. 30, from 73 billion yen a year earlier, the Tokyo-based company said in a statement. That result beat the 88 billion yen median estimate of five analysts surveyed by Bloomberg News.
Shares in Canon rose as much as 2.8 percent, or 140 yen, to 5,200 yen on the Tokyo Stock Exchange. The results were announced after equity markets closed in Japan. The stock has risen about 4 percent this year.
"In terms of net sales, Canon recorded year-on-year growth of 9.2% for the third quarter. This was mainly due to the fact that we exceeded our projections for both monochrome and color laser beam printers. In addition to this, we continued to achieve significant net sales growth in semiconductor production equipment, digital cameras and color copying machines," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc.