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Canon raises annual profit outlook on Toshiba medical unit acquisition
April 26, 2017 / 6:17 AM / in 6 months

Canon raises annual profit outlook on Toshiba medical unit acquisition

TOKYO, April 26 (Reuters) - Japan’s Canon Inc on Wednesday lifted its full-year operating profit forecast after reporting strong first-quarter results on the back of earnings from a medical equipment unit it bought from Toshiba Corp last year.

The camera and printer maker forecast profit of 270 billion yen ($2.43 billion), up from 255 billion yen estimated in January.

It reported profit of 228.9 billion in the previous twelve months.

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.

For the January-March quarter, operating profit jumped 88.8 percent to 75.67 billion yen from 40.09 billion yen a year earlier.

That was above a consensus estimate of 58.80 billion yen from six analysts surveyed by Thomson Reuters I/B/E/S. ($1 = 111.3400 yen) (Reporting by Makiko Yamazaki; Editing by Christopher Cushing)

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