Optical glass maker Hoya Corp. reported that first-quarter operating profit fell less than analysts forecast on higher earnings from lenses.
Operating profit, or sales minus administrative expenses and the cost of goods sold, declined 3.5 percent to ¥21.9 billion in the three months ended June 30, Tokyo-based Hoya said Monday. That beat the ¥20.6 billion median estimate in a survey of six analysts.
Hoya shares climbed the most in almost seven years following the results. Net income rose 24 percent to ¥21.2 billion in the quarter on the sale of a 21.5 percent stake in its liquid crystal display glass making unit, NH Techno Glass Corp. Revenue increased 33 percent to ¥130.2 billion.
Hoya last October bought Pentax Corp., the Tokyo-based maker of Japan's first single-lens reflex camera and medical equipment such as endoscopes.