Canon Inc raised on Thursday its profit forecast for the year that just ended to well above analysts' estimates, citing a boost from demand for its new full-size mirrorless camera models and inkjet printers.
The Japanese company expects operating profit of 105 billion yen ($1.01 billion) for the fiscal year that ended Dec. 31, up from its previous projection of 64 billion yen.
That is nearly double analysts' consensus for 57.2 billion yen, according to Refinitiv data.
Canon has seen Sony Corp erode its market share in recent years with its popular Alpha line of mirrorless cameras, notably its Alpha 7 and 9 models, while Canon was slow to shift its focus from bulky DSLRs to lighter, more compact mirrorless models.
Canon released its first full-frame mirrorless model, the EOS R, in late 2018, followed by the RP in early 2019. The Japanese company released the R5 in the second half of 2020, aimed squarely at the professional market, and the R6.
The company also raised its 2020 net profit estimate on Thursday to 80 billion yen from 52 billion. It is set to report financial results on Jan. 28.