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Canon Q1 profit falls YOY

Canon Inc. said its normalized net income for the first quarter came to ¥34.23 per share, a decline of 16.8% from ¥41.15 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥37.38 billion, a decrease of 19.7% from ¥46.53 billion in the prior-year period.

The normalized profit margin declined to 4.4% from 5.4% in the year-earlier period.

Total revenue declined year over year to ¥857.45 billion from ¥868.31 billion, and total operating expenses came to ¥791.25 billion, compared with ¥785.67 billion in the prior-year period.

Reported net income fell 28.7% year over year to ¥33.93 billion, or ¥31.07 per share, from ¥47.61 billion, or ¥42.11 per share.

As of May 14, US$1 was equivalent to ¥119.24.