Yamaha marine sales up 8.2% over first nine months of 2023

Yamaha Motor Co released consolidated financial results for the first nine months of 2023 reporting a 9.4% year-over-year bump in consolidated revenues driven in part by strong demand for outboard engines.

Yamaha reported consolidated net sales of ¥1,835 bn for the first nine months of 2023, representing a 9.4% increase over the ¥1,677 bn reported for the first nine months of 2022.

Operating income of ¥208.2 bn marked a 19.5% YoY gain over the ¥174.2 bn reported one year ago, while ordinary income of ¥205.9 bn increased by 8.5% over income of ¥190.9 bn reported for the prior year.

Marine segment revenues of ¥431.4 bn grew by 8.2% year-over-year, with segment operating income of ¥94.4 bn marking a 12% YoY jump. The company said that demand for small and midrange outboard motor models declined in Europe and North America in the face of inflationary pressures and rising interest rates, while demand for large outboard engines above 200 horsepower grew to drive YoY gains, and particularly in southeast Asia and China on the strength of recovering fishing and tourism markets in the region.

“We had increased shipments of motorcycles and large outboard models in our core motorcycle and marine product businesses”

– Yamaha Motor Co president and CEO, Yoshihiro Hidaka

Sales of personal watercraft also grew compared to the first nine months of 2022, with the increase attributed to a combination of favourable demand and production efficiency gains stemming from recent facility upgrades at its US manufacturing plant.

“We had increased shipments of motorcycles and large outboard models in our core motorcycle and marine product businesses, but the robotics business continues to struggle significantly,” said Yamaha Motor Co president and CEO, Yoshihiro Hidaka. “While we carry on our efforts to keep expenses under control with carefully targeted spending, we will make steadfast investments into new technologies and accelerate our growth toward the future.”

Yamaha announced no changes to the full-year financial forecast it issued on August 8 of this year, calling for full-year revenues in the range of ¥2,500.0 bn, operating income of ¥250.0 bn and ordinary income for the year of ¥250.0 bn.