Canon profit falls 43% on year

Canon Inc. said Monday its third-quarter net profit fell 43% from a year earlier on lower sales for its office printer, camera and industrial equipment businesses.

Third-quarter net profit was 26.52 billion yen ($244.1 million), below the expectation for Y35.67 billion from a FactSet poll of analysts. For the nine-month period ended September, net profit dropped 49% on year to Y92.35 billion, Canon said.

Third-quarter revenue decreased 6.2% from a year ago to Y869.50 billion, falling short of the FactSet estimate of Y891.89 billion. Drops in sales for its office printer, camera and industrial equipment businesses failed to offset some gains in its medical equipment segment.

By geography, sales fell in all regions except for Japan, with sales in Europe and Asia-Oceania dropping particularly sharply.

Canon cut its full-year revenue and net profit forecasts. It now expects revenue to decrease 8.3%, compared with its previous forecast for a 5.2% fall, and it expects net profit to drop 45%, compared with its previous expectation for a 37% decrease.