The camera and printer maker forecast profit of $2.43 billion, up from $2.28 billion estimated in January. It reported profit of $2.05 billion in the previous year
The upbeat outlook suggests Canon’s strategy to diversify has begun to reward the company after the $5.8 billion acquisition of the Toshiba unit and the $2.8 billion takeover of Swedish video-surveillance firm Axis AB.
Canon also said the two existing businesses that have long dragged its earnings down – laser printers and cameras – are also showing signs of bottoming out.
Executive Vice President and Chief Financial Officer Toshizo Tanaka told an earnings briefing that recovery in the Chinese and other emerging economies is pushing up demand for laser printers, while continued popularity of so-called mirrorless cameras is driving camera sales.
For the January-March quarter, Canon said operating profit jumped 88.8 percent