Canon's first quarter net profit more than tripled from a year earlier as a recovering global economy drove demand for cameras and office equipment.
The world's biggest maker of digital cameras said Monday that its net profit for the January-March quarter totaled 56.8 billion yen ($611 million), up from 17.7 billion a year earlier.
Operating profit more than quadrupled to 86.8 billion yen ($934 million), while sales rose 10 percent to 755.5 billion yen ($8.1 billion).
Tokyo-based Canon Inc. credited its results to a turnaround in U.S. consumer spending, as well as expanding markets in China, India and elsewhere in Asia.
Sales of laser and inkjet printers rose, the company said. Worldwide demand also grew for single-lens reflex cameras after it introduced new models for beginners and amateurs. Compact digital cameras performed well in emerging economies, though sales lagged in developed countries.
Western and other advanced economies face uncertainties in the months ahead but "appear to be steadily headed for recovery," the company said. China and other emerging nations, which are expected to fuel global growth, are likely to continue enjoying healthy expansion, it said.
With the encouraging outlook, Canon raised its forecasts for the full fiscal year through Dec. 31. It now expects to book a net profit of 240 billion yen on sales of 3.75 trillion yen. Back in January it estimated net profit of 200 billion yen and 3.45 trillion yen in sales.
Unlike many Japanese companies, Canon's fiscal year matches the calendar year. Canon bases its earnings on U.S. accounting standards.
Ahead of its first quarter results, Canon shares jumped 3.5 percent to 4,395 yen in trading Monday, outpacing the Nikkei 225 index's 2.3 percent rise.
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