Canon Inc. (CAJ), reported a 14% growth for fourth quarter profit. This came mainly from spending cuts after the Japan earthquake and the floods in Thailand. Net sales, however, decreased 9.7% to 964.76 billion yen or $12.37 billion from 1.07 trillion yen from the same period last year.

Overall, Canon saw a decline in sales in all segments. Office products declined 9.3%, consumer products declined 9.6%, and industry and others declined 13.6%

Geographically, Japan sales increased 1.6%, the Americas saw 9.2% decline, 15.2% decline in Europe, and 11.7% decline in Asia and Oceania.

Fiscal year 2011 net income is up0.8% to 248.63 billion yet or or $3.19 billion. Earnings per share grew 2.4 percent to 204.48 yen or $2.62. Annual sales fell 4 percent to 3.56 trillion yen or $45.61 billion. The company also plans to distribute a year-end dividend of 60 yen or $0.77 per share, which amounts to a dividend of 120 yen or $1.54 per share.

For fiscal year 2012, Canon is projecting a 0.6% increase in net income to 250 billion yen, and a 1.8% growth in earnings per basic share to 208.07 yen. Full year consolidated net sales for 2012 is expected to increase 5.4% to 3.75 trillion yen.

Effective March 29, Canon President and COO Tsuneji Uchida will step down to become senior adviser. Current Chairman and CEO Fujio Mitarai will take over as President.

For more details, please visit www.nasdaq.com, 02/2/2012