Japanese camera and office equipment maker Canon Inc. (CAJ) on Wednesday posted higher profit for the fourth quarter on lower expenses, but sales slid from last year. In addition, the company issued financial forecast for fiscal 2010.
The company's fourth-quarter net income attributable to Canon Inc. was 61.6 billion yen, compared to 11.6 billion yen in the prior-year quarter.
However, quarterly net sales decreased 4.1% to 954.1 billion yen from 994.7 billion yen reported in the same quarter of last year.
Product segment-wise, sales from office business unit dropped 8.4% to 465.1 billion yen from 507.9 billion yen in the year-earlier period. Consumer business segment generated fourth-quarter sales of 412.7 million yen, up 9.6% from the prior-year's 376.6 billion yen. Industry and others sales declined 15% to 117.1 billion yen from 137.7 billion yen in the previous year.
On a geographical basis, sales from Japan decreased 12.1% to 197.6 billion yen from 224.7 billion yen in the same quarter of last year. Americas sales totaled 274.8 billion yen, down 2.9% from 283.0 billion yen last year, while sales from Europe edged up 0.1% to 308.5 billion yen from 308.1 billion yen. Sales from other areas dropped 3.2% to 173.2 billion yen from 178.9 billion yen last year.
Fourth-quarter research and development expenses totaled 77.3 billion yen, down from 111.9 billion yen a year ago, and selling, general and administrative expenses declined to 264.4 billion yen from 273.7 billion yen in the corresponding period of last year.
Operating profit for the latest quarter was 92.1 billion yen, an increase of 157.2%, compared to 16.9 billion yen in the three months ended December 31, 2008.
For the full year 2009, the company reported net income attributable to Canon of 131.6 billion yen or 106.64 yen per share, compared to 309.1 billion yen or 246.20 yen per share in 2008. Annual net sales for fiscal 2009 fell 21.6% to 3.21 trillion yen from the previous year's 4.09 trillion yen.
The average value of the yen during the year was 93.21 yen to the U.S. dollar, a year-on-year appreciation of about 10 yen and 130.46 yen to the euro, a year-over-year appreciation of about 21 yen.
Looking ahead, the company expects fiscal 2010 net income attributable to Canon of 200.0 billion yen, a year-on-year increase of 51.9%, pre-tax income of 320.0 billion yen and operating profit of 330.0 billion yen. Net sales for 2010 are projected to be 3.45 trillion yen.
Further, the company expects demand for network digital multifunction devices or MFDs and laser printers in the office equipment market to gradually increase following the bottoming out of the segment. In the consumer products market, demand for digital SLR cameras is forecasted to achieve solid growth, whereas demand for compact digital cameras and inkjet printers would also head toward a recovery trend. As for the industry and others market, expectations call for a modest recovery in demand for steppers as device makers reassess capital expenditure plans, and demand for aligners is also projected to increase as LCD panel manufacturers gear up to boost production.
Canon shares, which have been trading between $21.23 and $43.95 in the past 52 weeks, closed Tuesday's trading session at $41.42.
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