TOKYO — Canon's consolidated operating profit for the year ending in December is expected to jump 40% to 330 billion yen ($2.94 billion) thanks to strong printer sales in emerging countries, successful acquisitions and automation.
The imaging and optical product maker first upgraded its profit outlook in April, but will likely do so again since its current performance is ahead of its 270 billion yen estimate. Sales are also expected to top the company's 4.02 trillion yen forecast, climbing 20% to nearly 4.1 trillion yen. The Tokyo-based company follows U.S. accounting standards.
Laser printer sales have grown in China and emerging countries in Southeast Asia. New high speed models have been popular. Sales of toner and other highly profitable consumables have also risen with the increase in printer sales. Read the full story