TOKYO, April 24 (Reuters) - Japan’s Canon Inc said first quarter operating profit fell 34 percent year-on-year, hurt by weaker demand for compact cameras as consumers switched to smartphones.
The camera and printer-maker’s operating profit for the three months ended March 31 fell to 54.8 billion yen ($551.53 million)from 82.7 billion yen a year ago, undershooting the consensus estimate of 85.3 billion yen from three analysts surveyed by Thomson Reuters I/B/E/S.
For the business year to December 31 2013, the company raised its forecast for operating profit to 450 billion yen from 410 billion yen. That compares with the average expectation of a 473 billion yen profit among 21 analysts surveyed by Thomson Reuters.
The company upped its forecast for the yen rate against the dollar to 95 yen for the business year compared with 85 yen to the dollar three months earlier. In the quarter ended March 31 the yen averaged 92.06 to the dollar. ($1 = 99.3600 Japanese yen) (Reporting by Tim Kelly and Mari Saito; Editing by Daniel Magnowski)