Canon Raises Profit Outlook for Full Year, May Explore Compact Mirrorless Cameras

Canon Raises Profit Outlook for Full Year, May Explore Compact Mirrorless Cameras

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Tokyo, Japan—After posting 2Q 2011 net profits that slid 20% from a year earlier as the March 11 earthquake and tsunami disrupted domestic production, Canon is optimistic about its full-year earnings, according to the Wall Street Journal.

Canon raised its profit outlook for the full year. “The recovery has been quicker than expected,” said Toshizo Tanaka, executive vice president, at a Tokyo news conference, adding that output was mostly back to pre-quake levels as of late June.

For the full year ending December 31, Canon raised its net profit forecast to $3.34 billion U.S. dollars (¥260 billion), from the $2.83b (¥220 billion) forecast of late April. It also raised its operating profit outlook to ¥380 billion from ¥335 billion and its revenue forecast to ¥3.78 trillion from ¥3.73 trillion, reported the Journal.

In other news, Reuters reported that Canon may develop a mirrorless compact camera system with the features of a DSLR in a portable body, according to a Canon senior executive.

Masaya Maeda, head of Canon’s camera division, told Reuters that Canon will increase DSLR production in Taiwan to bring its output to 10 million units annually, up from 7 million. And Reuters reported that Canon and Nikon may follow their competitors’ lead in offering “mirrorless models, enabling them to market lucrative accessories such as lenses to consumers who are seeking to move upmarket from compact cameras but unwilling to carry around a hefty interchangeable-lens model.”

“We are considering the technical aspects,” Maeda said. “We will launch an interesting product next year,” adding that it would be small, but not whether it would be a mirrorless compact.