Yamaha Releases 2022 Earnings

Yamaha Motor Co., Ltd. (Tokyo: 7272) announces its consolidated business results for the full 2022 fiscal year.

Net sales were 2,248.5 billion yen (an increase of 436.0 billion yen or 24.1% compared with the previous fiscal year) and operating income was 224.9 billion yen (an increase of 42.5 billion yen or 23.3%). Ordinary income was 239.3 billion yen (an increase of 49.9 billion yen or 26.3%) and net income attributable to owners of parent was 174.4 billion yen (an increase of 18.9 billion yen or 12.1%). These figures once again reset the Company’s record for net sales and incomes, and this is also the first time Yamaha Motor has ever surpassed 2,000 billion yen in net sales and 200 billion yen in operating and ordinary income. For the full consolidated fiscal year, the U.S. dollar traded at 132 yen (a depreciation of 22 yen from the previous fiscal year) and the euro at 138 yen (a depreciation of 8 yen).

While affected by supply shortages brought on by global supply chain disruptions, net sales still rose due to high demand in developed markets for outboard motors and a recovery in demand for motorcycles in emerging markets. For operating income, there were significant increases in costs for raw materials, logistics, and more, but continued efforts to rein in costs, the effects of passing on costs materializing, and the added benefits of a weak yen led to higher profits for the year.

Marine Products Business

Net sales were 517.0 billion yen (an increase of 125.9 billion yen or 32.2% compared with the previous fiscal year) and operating income was 109.2 billion yen (an increase of 32.4 billion yen or 42.2%).

With outboard motors, the boom for outdoor recreation remains strong in developed markets and this was particularly true for large outboard models in the 200+ horsepower category. While container shortages and chaos at U.S. shipping ports impacted the business, the situation gradually improved and unit sales grew. There was also a recovery in tourism sector demand in emerging markets. For personal watercraft, the robust demand continued, but so did supply constraints stemming from part shortages and supply chain disruptions, and this drove down unit sales. Still, sales and profits both rose for the Marine Products business as a whole due to the cost pass-throughs enacted in the third quarter, in addition to the benefits brought by the weaker yen.

Complete results can be found here.