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Canon posts 12.3% YOY rise in Q2 profit, lowers FY'18 sales guidance

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Canon posts 12.3% YOY rise in Q2 profit, lowers FY'18 sales guidance

Canon Inc.'s net income attributable to shareholders grew 12.3% in the second quarter to ¥77.67 billion from ¥69.18 billion in the year-ago period.

EPS for the quarter rose to ¥71.93 from ¥63.53 in the prior year. The S&P Capital IQ consensus GAAP EPS estimate for the second quarter was ¥62.20.

Net sales increased to ¥1.006 trillion during the second quarter from ¥992.47 billion in the previous year. Imaging system sales fell 7.8% year over year to ¥260.50 billion while sales from the office unit grew 1.5% to ¥477.70 billion during the quarter.

Canon booked ¥97.96 billion in operating income during the quarter, up from ¥93.83 billion in the previous year.

For the first half of 2018, Canon's net income attributable rose to ¥134.78 billion, or ¥124.82 per share, from ¥124.27 billion, or ¥113.98 per share, in the year-ago period. The company's net sales for the half were little changed year over year at ¥1.967 trillion, while operating profit increased to ¥175.05 billion during the half from ¥167.02 billion in the previous year.

Canon lowered its net sales expectations for the full year to ¥4.120 trillion from a previous guidance of ¥4.300 trillion. The company maintained its outlook for attributable profit at ¥280.0 billion in 2018.

As of July 27, US$1 was equivalent to ¥111.08.