Canon fires into the black

Canon cameraJapanese snapperĀ and printer maker Canon has predicted its first full-year operating profit will rise to 11.4 percent, which is its first rise in three years.

The profit is mostly thanks to earnings from a medical equipment unit it bought from Toshiba Corp last year.

The $5.8 billion acquisition of the unit, which makes X-ray scanners and eye examination machines, is part of Canon’s cunning plan to diversify as demand for its cameras, printers and copier machines wanes amid the spread of smartphones and paperless media.

The company forecast operating profit to rise to $2.3 billion this year compared to the last 12 months. This is pretty much what the cocaine nose-jobs of Wall Street predicted.

Fourth-quarter operating profit fell 25.1 percent from a year earlier, hurt after the yen strengthened following Britain’s vote in June to leave the European Union. This was a bit lower than what analysts predicted but since no one really predicted Brexit most people are prepared to give Canon that one.