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Canon cuts full-year operating profit forecast on euro woes
July 25, 2012 / 6:17 AM / 5 years ago

Canon cuts full-year operating profit forecast on euro woes

TOKYO, July 25 (Reuters) - Japan’s Canon Inc cut its full-year operating profit outlook to 390 billion yen ($5 billion) from a previously forecast 450 billion yen on Wednesday, buffeted by a euro zone crisis which sent the yen climbing while sapping demand from a key export market.

The camera and printer-maker also posted a weaker-than-expected operating profit of 92.6 billion yen for the April-to-June quarter, although that was up 18 percent from 78.4 billion yen in the same quarter of last year when Japanese corporate earnings were battered by the March 11 earthquake and tsunami.

The result missed the average forecast of 107.4 billion yen in a poll of six analysts by Thomson Reuters I/B/E/S.

Canon, which makes 80 percent of its revenue overseas, cut its forecast average euro rate for the full year to 100 yen from its prior estimate of 105 yen. ($1 = 78.2200 Japanese yen) (Reporting by Mari Saito; Editing by Edmund Klamann and Ryan Woo)

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