Benzinga | Jul 19, 2021 09:25AM EDT

Canon Raises FY21 Financial Outlook Following Continued Demand Printers, Cameras, Other Equipment

* Canon Inc (NYSE:CAJ) increased its FY21 financial estimates due to continued higher demand for inkjet printers in Q2, including, cameras particularly for full-frame mirrorless cameras and interchangeable lenses, medical and semiconductor lithography equipment.

* It expects the favorable market environment to continue in the second half of the year despite the crisis-induced inflation. It expects higher print demand as more people resume office following vaccination.

* It sees a net sales of ?3.6 million, up from ?3.5 million.

* The company increased the operating margin guidance by 220 basis points to 7.9%.

* It raised the EPS guidance from ?133.89 to ?192.23.

* Price action: CAJ shares traded higher by 1.76% at $23.08 in the premarket session on the last check Monday.