Canon raises annual profit forecast on demand for OLED kit, weaker yen

TOKYO (Reuters) – Japan’s Canon Inc raised its annual operating profit forecast on Tuesday, its third upward revision this year, on the back of increased demand for organic light-emitting diode (OLED) screen production equipment and a weaker yen.

FILE PHOTO – People are silhouetted against a display of the Canon brand logo at the CP+ camera and photo trade fair in Yokohama, Japan, February 25, 2016. REUTERS/Thomas Peter/File Photo

Canon, which also makes copiers, cameras and printers, forecast operating profit of 350 billion yen ($ 3.08 billion )for the year through December, up from the 330 billion yen estimated three months prior.

That compared with the 330.59 billion yen average of 21 analyst estimates in a poll by Thomson Reuters I/B/E/S.

Reporting by Thomas Wilson; Editing by Christopher Cushing

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Carol Humphreys