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Canon Drops In Spite Of Improved Quarterly Results

Shares of Canon Inc. (CAJ) are down more than 10% Tuesday morning despite improved third-quarter results.

Net income in the third quarter was 49.317 billion yen or $440.33 million compared with 16.658 billion yen in the same quarter a year ago.

EPS for the quarter was $0.42 per share or 47.15 yen compared with 15.93 yen last year.

Net sales for the quarter increased to 833.324 billion yen or $7.44 billion from 758.881 billion yen last year.

Looking forward to the full-year, the company expects net sales to be about 3,600 billion yen.

CAJ is at $22.37 currently. It has traded in the range of $17.13- $25.94 in the last one year.

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