Canon's net profit falls 54% as sales slump

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Canon Inc. (7751.TO) said Wednesday that its net profit fell 54% in the fourth quarter from a year earlier amid lower sales across business lines such as printers and medical equipment.

Net profit for the quarter ended December was 32.76 billion yen ($300.2 million), missing the estimate of Y47.01 billion from a FactSet poll of analysts.

Fourth-quarter revenue declined 9.9% to Y953.47 billion. Revenue fell 7.7% for its office-equipment business and 6.9% for its medical-system business.

For 2020, Canon said it expects revenue to rise 3.0% and net profit to increase 28%.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

1/29/2010:39 PM

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