Nikon is doing better than expected, but business is still in “depressed market condition”

Nikon today announced a revision of their financial results for the year ended March 31, 2009:

Earnings estimates (in millions of yen):

                            revised forecast           previous forecast

 Net Sales            879,000                      860,000    

 Net  Income        28,000                        24,000

"Due to stagnation of consumer spending and demand for investment originating from abrupt deterioration of consumer environment caused by global economic slowdown triggered by the global financial crisis as well as appreciation of Japanese Yen and decline of stock market, our businesses are still in depressed market condition.  Under this environment, we carried out the group wide production adjustment and enhanced our sales promotion activities. As a result of these measures, our Imaging business is expected to achieve higher revenue and profit than our prospects, and our consolidated results are expected to exceed our last forecast."

Source

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