Japan's Canon ups profit view on Toshiba medical unit deal

A pick-up in demand for office and medical equipment offset weakness in Canon's digital cameras unit that has been caused by the popularity of picture-taking smartphones

Canon boosted its full-year profit outlook on Wednesday, as it posted strong first-quarter earnings beefed up by the purchase of Toshiba's medical unit.

The camera and copier maker lifted its net profit forecast to 180 billion yen ($1.62 billion) for 2017, from an earlier outlook of 255 billion yen, while it also lifted its operating profit and revenue outlook.

In the first three months of the year, Canon's revenue rose 22 percent on the back of strong demand for office equipment and laser printers, and taking into account the impact of its $5.8 billion acquisition of the Toshiba unit.

Net profit for the January-March quarter nearly doubled to 55.01 billion yen.

However, sales of digital compact cameras and inkjet printers were down, Canon said.