Yamaha Motor Co. Ltd. released its consolidated financial results for fiscal year 2022, which ended Dec. 31.
Net sales for the year increased 24.1% to $16.734 billion, compared with $13.5 billion in 2021. Operating income increased 24% to $1.7 billion, and ordinary income increased 26.3% to $1.8 billion.
In the marine segment, net sales increased 32.2% year over year to $3.8 billion, and operating income increased 42.2% to $812 million. Yamaha reported increased demand for outboards higher than 200 hp. Demand for watercraft also remained strong, but supply was hampered by component shortages, with unit sales decreasing.
“In the marine products business as a whole, both sales and income increased due to the positive effect of the yen’s depreciation, in addition to progress made in price pass-on efforts from the third quarter of the fiscal year,” Yamaha said in a statement.
“During the fiscal year ended Dec. 31, 2022, the global economy experienced a high number of destabilizing factors, including Russia’s protracted invasion of Ukraine, the lockdown in China on account of a resurgence in Covid-19 infections, and sharp exchange-rate fluctuations,” the company added. “In addition, rising interest rates in the U.S. in the second half of the year led to growing concerns of a global economic showdown.”
For 2023, Yamaha expects continued strong demand for large outboards and said it will proceed with the procurement of parts for production and shipment. The company also plans to raise inventory levels.
