Net income will drop 68 percent to 98 billion yen ($1.1 billion) in 2009, Tokyo-based Canon said today. Thats less than the 160 billion yen median of nine analyst estimates compiled by Bloomberg this month.
Canon said it may post a loss this quarter and projected its full-year camera sales will fall as the global economy deteriorates. The company joins Sony Corp. and Panasonic Corp., the worlds largest consumer-electronics makers, in projecting worsening results for this fiscal year as recessions in Europe, Japan and the U.S. damp demand and the yens surge erodes overseas earnings.
“We are expecting an even more severe [...]