Yamaha Motor Co., Ltd., this week announced that its Marine Products segment set new records for net sales and operating income during the first quarter of 2023. Strong demand and the company’s efforts to raise cost efficiency were primary factors behind the increase in sales and income.
“In terms of the market outlook from here, while we expect the boom in outdoor recreation to settle down, we … [expect] large outboard motor demand to remain strong,” Yoshihiro Hidaka, president, chief executive officer and representative director of Yamaha Motor Corp, said in a statement.
Net sales for the marine products segment increased by 34.4% to $1.07 billion (JPY$146.1 billion) in the quarter, and operating income increased by 86.5% to $279 million (JPY$38 billion).
“In developed markets, the strong demand for large outboard motors has continued,” Hidaka said in the statement. “The company was able to fix issues with overseas shipping to U.S. shores as well as with U.S. domestic shipping. This increased product shipments overall and resulted in higher unit sales. For personal watercraft, the solving of production issues at our U.S. factory brought in higher unit sales. The positives of a weaker yen contributed further to business performance, resulting in higher sales and profits for the marine products business overall.”
The company did not make any changes to its 2023 financial forecast.
