Canon Predicts Slow Growth for 2012; President Uchida Resigns 0

Canon’s earnings report for October to December of 2011 were okay, but they weren’t good. Coming off from this lackluster quarter, Canon has predicted that they will be seeing a slower growth in 2012.

Although the quarter-on-quarter operating profits rose 14 percent, Canon’s year-on-year profits were down. The manufacturer expects to rake in 390 billion yen (around 5.08 billion dollars) this year, which is only slightly higher than the 378.1 billion figure they set last year. This is remarkable, considering that many Japanese companies were affected due to  the Tohoku earthquake and tsunami and the Thailand flooding.

Canon 2012 ProfitsImage Credit: S_Falkow from Flickr

Several analysts who were interviewed earlier by Reuters had said that they expected Canon to make  470 billion yen (around 6.13 billion dollars) this year. Canon is set to launch the Canon 5D Mark III and Canon EOS C300 in the coming months.

Aside from their numbers, Canon also revealed that chairman and CEO Fujio Mitarai is set to return as president for the company. Current president Tsuneji Uchida, who also serves as the COO, was reported to have already tendered his resignation and will be stepping down on March 29th.

[The Verge]