Yamaha Motor Co. this week announced the financial results of the first fiscal quarter.
Overall revenues for the company were JPY$642.1 billion ($4.12 billion), a 5.9% increase year-over-year. Operating income was JPY$78 billion ($501.11 million), an increase of 2.7% compared with a year ago. Net income increased 12.7% to JPY$6.3 billion ($359.77 million).
“In contrast to last year, when outdoor recreation was booming, we had strong demand across almost all our businesses, and replenishing inventory was a priority,” president, CEO and representative director Yoshihiro Hidaka said in a statement. “The business environment has heavily swung in the opposite direction, and the first quarter of fiscal 2024 has been marked by concerns of an economic recession and the return of intense competition as market inventories have increased. Amidst these developments, our core business of motorcycles led the way, securing the company higher revenue and profits.”
Revenue for the marine segment, which includes outboards, personal watercraft and boats, was JPY$141.9 billion ($911.9 million), a 2.5% decrease compared with the year-ago quarter. Operating income was JPY$25.5 billion ($164.1 million), a 31% decline year-over-year.
According to the statement, the declines were largely due to concerns of an economic recession, which led to decreased demand for small and midrange outboards. Demand for high-horsepower outboards remained stable. The PWC business was down because of uneasiness about higher interest rates, which made consumers hesitant about purchases.
For the full fiscal year, the company expects revenue of JPY$2.6 trillion ($16.7 billion), operating income of JPY$260 billion ($1.67 billion) and net income of JPY$175 billion ($1.12 billion).
