Canon fourth quarter profit tumbles, hurt by yen strength after Brexit decision

Reuters News
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Posted: Jan 31, 2017 1:19 AM

TOKYO (Reuters) - Japan's Canon Inc, the world's biggest maker of cameras and printers, said on Tuesday fourth-quarter operating profit fell 25.1 percent, after the yen strengthened following Britain's vote in June to leave the European Union.

Operating profit for the three months to Dec. 31 declined to 80.2 billion yen ($706.7 million) from 107 billion yen a year earlier, below a consensus estimate of 88.5 billion yen from four analysts polled by Thomson Reuters I/B/E/S.

It forecast operating profit to rise 11.5 percent in 2017, the first gain in three years, to 255 billion yen. That compares with an average analyst estimate of 254 billion yen.

(Reporting by Tim Kelly; Editing by Edwina Gibbs)