Canon says Q1 profit up 19 pct, raises outlook

TOKYO, Apr 27 (Reuters) Canon Inc. said on Thursday its quarterly operating profit rose 18.7 percent on strong sales of digital cameras and colour copiers, and raised its full-year forecast by 5 percent.

Canon, the world's largest maker of digital cameras, said group operating profit was 170.1 billion yen in January-March, up from 143.3 billion yen in the first quarter of last year.

The result was above the average forecast of 152.3 billion yen in a survey of six analysts. Canon's own forecast was for a profit of 153 billion yen.

Canon raised its full-year forecast for group operating profit to 686 billion yen from 653 billion yen.

Canon's earnings have been propelled higher by growing sales of digital cameras and colour office copiers, which are far more profitable than monochrome models as they typically consume more toner and command a higher selling price.

Shares of Canon rose about 13 percent in the January-March quarter, outperforming the Tokyo market's electrical machinery index IELEC, which rose about 10 percent.

REUTERS CS SND1150