Suzuki Motor Corp. reported mixed results for the marine segment in its fiscal 2024 earnings, ending March 31. While revenue in the division dipped 1.8% to ¥109.7 billion ($707 million), operating profit rose 11.4% year-over-year to ¥30.6 billion ($197.4 million), signaling improved cost management and sustained global demand for its outboards.
The company attributed the marine unit’s profitability to enhanced operational efficiencies, disciplined spending and continued consumer interest in high-performance outboards. Marine was one of only two segments to post profit growth, outperforming the overall operating margin across the company.
“We recognize this is the result of our efforts to strengthen earning power,” the company said in a statement, pointing to an improvement in operating margin from 9.2% to 11% companywide. Suzuki’s continued investment in product innovation and its commitment to the North American market helped bolster resilience in an otherwise soft year for global marine sales.
Suzuki also reported that total company revenue increased 8.7% to ¥5.83 trillion ($37.6 billion), while profit attributable to shareholders surged 31.2% to ¥416 billion ($2.7 billion).
For fiscal 2025, the company expects modest top-line growth and plans continued investments in technology and efficiency across all divisions, including marine.
“Under this management policy, we forecast the consolidated operating results for FY2025 as follows: revenue of ¥6.1 trillion ($39.4 billion) and operating profit of ¥500 billion ($3.44 billion),” the company said in the statement.
