Canon Cuts FY Operating Profit Guidance to ¥456bn

Canon Inc lowered its full-year operating profit forecast to ¥456bn, down from ¥479bn.
Q1 operating profit fell 26% YoY to ¥71.4bn, missing the ¥96.0bn consensus estimate.
DRAM and NAND cost impact rose sharply to ¥63.4bn from ¥13.1bn, with half to be offset by price hikes.
Company kept FY FX assumptions at ¥150/$ and ¥175/€, and unchanged raw material and transport cost forecasts.