Canon Cuts Profit Forecast on Thailand, Weakening Economies

Canon Inc., the world’s largest cameramaker, slashed its annual profit forecast citing output disruptions from the floods in Thailand and weakening economic growth in the U.S. and Europe.

Full year net income may be 230 billion yen ($3 billion) compared with a previous forecast for 260 billion yen, Tokyo-based Canon said in a statement today. That missed the 255 billion yen average of 23 analysts’ estimates compiled by Bloomberg. Canon also cut sales and operating profit forecasts.