By Kosaku Narioka
Canon Inc. shares rose sharply after the Japanese electronics maker projected higher earnings this year, citing stronger demand for chip-making and medical equipment, and announced a share buyback.
Shares were recently 6.1% higher at 4,015 yen after rising as much as 7.0% earlier Wednesday morning.
Canon said Tuesday after market close that it projected net profit to climb 15% to Y305.00 billion ($2.07 billion) in 2024 and revenue to increase 4.0% to Y4.350 trillion.
The Japanese company said demand is growing for semiconductor lithography equipment, network cameras and medical equipment, despite uncertainty over the global economic outlook.
Canon also said it would buy back up to Y100.0 billion of its own shares by the end of January 2025.
For the quarter ended Dec. 31, Canon’s net profit dropped 5.0% from a year earlier to Y80.57 billion, as revenue increased 0.6% to Y1.164 trillion.
Write to Kosaku Narioka at [email protected]
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