TOKYO, July 27 (Reuters) – Japanese camera and office equipment maker Canon Inc (7751.T) posted a 153 percent rise in quarterly profit, bigger than expected, on robust sales of its high-end cameras, but stuck to its earlier full-year forecast.
The April-June increase was the third straight quarter of year-on-year profit growth for Canon, which boasts the biggest share of the global camera market, ahead of Sony Corp (6758.T) and Nikon (7731.T).
The maker of IXY compact cameras and upmarket EOS cameras kept its operating profit outlook for the full year to Dec. 31 at 360 billion yen ($4.1 billion), compared with a consensus for 384 billion yen in a poll of seven analysts by Thomson Reuters I/B/E/S.
April-June operating profit was 113.4 billion yen, compared with a consensus forecast of 90.6 billion yen in a poll of four analysts by Thomson Reuters I/B/E/S.
Canon, which competes with Xerox Corp (XRX.N) and Ricoh Co (7752.T) in office equipment, said it was assuming exchange rates of 90 yen to the dollar JPY= and 110 yen to the euro EURJPY= for the second half of the calendar year.
Xerox last week beat quarterly profit forecasts as it enjoyed better demand for its printing and outsourcing services, and boosted its full-year outlook to take account of its $5.5 billion buy last year of Affiliated Computer Services. [ID:nN22176429]
Shares in Canon have fallen 19.2 percent in the period from April to Monday, underperforming Tokyo’s electrical machinery index IELEC.T, which fell 16.8 percent. (Reporting by Isabel Reynolds; Editing by Michael Watson)