Yamaha reports Q1 2024 results | Boating Industry
Yamaha Motor Co., Ltd. announced its consolidated business results for the first three months of fiscal 2024. Overall, revenues for the period were JPY$642.1 billion ($4.12 billion), an increase of 5.9% compared with the same period of the previous fiscal year.
“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, 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,” Yamaha CEO and representative director Yoshihiro Hidaka said. “Amidst these developments, our core business of motorcycles led the way, securing the Company higher revenue and profits.”
Yamaha reported within the marine products business, revenues were JPY$141.9 billion ($911.9 million), a 2.5% decrease compared with the same period of the previous fiscal year.
“In China, Brazil, and other emerging markets, demand continued to be strong in the commercial fishing and tourism markets,” Yamaha reported in its quarterly statement. “Meanwhile, in North America and Europe, concerns of an economic recession led small and midrange outboard motor demand to decrease, but demand for large horsepower outboard motors remained stable. In terms of sales, numbers fell in developed markets and remained about the same in emerging markets and this resulted in lower sales for the outboard business overall. For personal watercraft, unease about rising interest rates made customers hesitate to purchase and demand decreased. On the other hand, there were heavy inquiries for Yamaha products in the space and unit sales rose. As a result, sales and profits fell for the Marine Products business overall”
Find the full first quarter results on the Yamaha Motor Co. website.
Source: https://boatingindustry.com/top-news/2024/05/16/yamaha-reports-q1-2024-results/
