TOKYO -- Canon said Tuesday that it now sees group net profit soaring 63% on the year to 245 billion yen ($2.15 billion) in 2017, buoyed by its mainstay digital cameras and manufacturing equipment for OLED smartphone displays.
The target, based on U.S. accounting methods, was revealed when the Japanese electronics giant announced its third-quarter earnings. This marks the third time Cannon raised its 2017 outlook. It previously forecast a 46% net profit jump to 220 billion yen.
Canon lifted its sales outlook by 30 billion yen to 4.08 trillion yen for the year through December, up 20% from 2016.
The company also said it will pay full-year dividends of 160 yen per share, including a 10-yen commemorative payout marking its 80th anniversary. The sum is up 10 yen from 2016.
Firm sales of manufacturing equipment related to organic light-emitting diode displays helped boost earnings. The company said subsidiary Cannon Tokki can't churn out vacuum deposition equipment fast enough to keep up with demand. Unit sales of lithography equipment are expected to at least double last year's tally.
In digital cameras, sales of single-lens reflex models beat expectations, primarily in the U.S. and China, and new mirrorless camera lines also sold well. The yen's softness against the euro compared to the previous year also helped improve margins.
In the first three quarters of 2017, Canon's sales grew 21% year-on-year to 2.95 trillion yen, with net profit skyrocketing 77% to 187 billion yen.