Yamaha Motor Co. reported fiscal 2024 earnings today, with lower revenue and profit for its marine segment.
Marine revenue decreased JPY$9.8 billion ($64.6 million), or 1.8%, year-over-year, to JPY$537.7 billion ($3.5 billion), and operating profit decreased JPY$16.4 billion ($108 million), or 15.7%, to JPY$87.8 billion ($579 million). Demand for outboards decreased in the United States — the company’s major market — due to continuing high interest rates and rising prices, Yamaha said in a financial statement.
“Demand for personal watercraft declined because buyers held off on their purchases due to the concern over the rising interest rates,” the statement said. “On the other hand, our unit sales of personal watercraft increased as supply constraints caused by last year’s parts shortages and supply-chain disruptions improved. As a result, both revenue and profit decreased in the marine products business as a whole.”
The financial report includes the results of Torqeedo for the period from April to December 2024, Yamaha said.
Overall, for fiscal 2024, Yamaha posted 6.7% revenue growth and 25.6% operating profit growth.
In its outlook for 2025, the company said that the “environment surrounding the group for fiscal year 2025 is expected to remain unclear due to geopolitical risks, such as situations in the Middle East, China’s economic slump [and] impacts on the world economy due to the various economic policies, such as additional tariffs by the new U.S. administration and currency exchange rate fluctuations.”
However, the company presented a positive forecast for revenue growth of 4.8% and operating profit increase of 26.7%.
