RTTNews | Apr 26, 2021 07:27AM EDT

07:26 Monday, April 26, 2021 (RTTNews.com) - Shares of Canon Inc. (CAJ) are climbing more than 3% in pre-market trade on Monday after the company reported more than 100% growth in its first-quarter profit.

First-quarter net income was 44.45 billion Japanese yen or $400.49 million up 103% from 21.91 billion yen in the same quarter a year ago.

Earnings per share jumped to 42.50 yen or $0.38 from 20.68 yen last year.

Net sales for the quarter grew 7.7% to 842.65 billion yen or $7.59 billion from $782.31 billion yen in the prior year's quarter.

Looking ahead, the company has raised its full-year 2021 earnings and revenue outlook.

Canon now projects net income of 140 billion yen or 133.85 yen per share in the year, up 115.0 billion yen earlier. Net sales are expected at 3.50 trillion yen, compared with 3.40 trillion yen earlier.

CAJ closed Friday's trade at $24.01, UP 3.45%. The stock is currently at $24.75.

Read the original article on RTTNews ( https://www.rttnews.com/3187972/stock-alert-canon-adds-in-pre-market-after-earnings-spike-increased-outlook.aspx)

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