Canon results point to tough trading
Wednesday, January 30th, 2008Canon results down – hit by slowdown of US Economy
Japan’s Canon Inc blamed a slowing US economy that weighte on camera and office equipment sales for a suprise drop in quarterly operating profit on Wednesday, and warned that earnings this year will miss market expectations.
Rival printer maker Seiko Epson Corp left unchanged its forecast for the year to March despirt strong quarterly results, citing and uncertain economy, while slowing US Demand prompted Ricoh to cut its 2007/08 outlook.
Canon said it expects operating profit to grow 5.7 percent to 800 billion yes in 2008, targeting a ninth straight year of profit growth. Forecasting tough conditions in the first quarter of 08 Canon expect that the boost from the Beijing Olympics will mean the economy will be on a recovery path.
