PHOTO COURTESY SUZUKI

Suzuki Motor Corp. this week announced results for its 2022 fiscal year. Net sales for the marine business increased by 37.3% to $986.9 million (JPY$134.6 billion) and operating profit increased by 64.2% to $288.9 million (JPY$39.4 billion). In a statement, the company said the increases were due to “steady sales of large outboard motors in North America and the impact of exchange rates.”

Net sales and profit increased in all regions, owing mostly to improvement in the sales mix/price and favorable exchange rates.

For fiscal year 2023, the company forecasts net sales to grow 5.6% from fiscal year 2022 due to increased volume. Operating profit is expected to be down 5.9% because of increased growth investment, the strong yen, and increased prices for raw materials. Ordinary profit is estimated to be down 11.2%.