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 user 2009-03-25 at 3:21:15 pm Views: 29
  • #21961
    Canon cuts 2010 profit outlook by 75%
    electronics maker Canon Inc. lowered its profit outlook for 2010 by 75%
    to figures more in line with the economic downturn as the company
    grapples with the impact of a stronger yen and weak demand on its
    operations, according to media reports Thursday.

    for 2010, Canon now forecasts net income of 150 billion yen, down
    sharply from its prior outlook for net income of 600 billion yen set in
    2007. The company also lowered its outlook for revenues for the year to
    3.7 trillion yen from the prior forecast of 6 trillion yen.Canon had
    recorded profits for eight consecutive years through fiscal 2007 on
    stronger demand for copiers, digital cameras and other products.
    However, the company has since witnessed a sharp fall in demand for its
    cameras and copiers as the global economic crisis hit its major export

    Concurrent recession in Japan, America and Europe,
    along with the rapid slowdown in the growth rates of emerging economies
    has impacted the company’s results. The compact digital camera and
    inkjet printer markets are expected to remain stagnant owing to weak
    buyer sentiment amid the depressed economic environment.

    Canon has managed to stay relatively unscathed amid the economic
    turmoil that has caused several companies to revise their forecasts to
    a net loss from their earlier forecasts for a profit.Canon’s revised
    outlook for 2010 still represents an increase from the company’s
    forecast for 2009. Canon currently forecasts net income for 2009 of 98
    billion yen, or US$1.08 billion, and revenue of 3.5 trillion yen, or
    US$38.46 billion.

    In January, Canon reported a sharp fall in its
    profit for the fourth quarter from the year-ago period as sales
    declined more than 20%. The company’s fourth-quarter net income was
    11.62 billion yen, or US$127.71 million, 90.9% lower than 127.85
    billion yen in the same period last year. Net sales declined 21.3% to
    994.74 billion yen, or US$10.93 billion, from 1.26 trillion yen in the
    prior-year quarter.In Thursday’s regular trading on the NYSE, CAJ is
    trading at $23.78, up $0.29 or 1.23% on a volume of 0.18 million share