Yamaha Reports Q1 2013 Results
Yamaha Motor reported a 3.7% increase in net sales for the first quarter ended March 31, 2013. Net sales from motorcycles increased by 4.6% despite an 8.1% decrease in unit sales. Overall, the company reported a profit of 7.5 billion yen (US$73.3 million) over the quarter, down from the 27.0 billion yen reported last year.
According to Yamaha‘s first quarter report, the company sold 1.470 million motorcycles over the first three months of the year. That’s down from 1.599 million motorcycles sold in the same quarter of 2012. Sales were up in Japan but down in North America, Europe and Asia.
Despite selling about 129,000 fewer motorcycles, sales revenue grew to 219.5 billion yen (US$2.15 billion) from net sales of 209.9 billion yen in the first quarter last year. Costs were up however, reducing operating income from motorcycle business to 3.0 billion yen from 5.4 billion yen.
North American sales decreased to 18,000 from 20,000 units, a 10% decline Yamaha attributes to a colder, wetter winter this year, and a warmer-than normal winter last year.
North American sales generated revenue of 11.3 billion yen (US$110.5 million) over the first quarter, down 13.1% from 13.0 billion yen. A weak European market led to an 8.0% decrease to 36,000 motorcycles from 45,000 while net sales decreased by 15.1%. Sales in Asia also decreased by 8.0% to 1.268 million two-wheelers, due in large part to changes in down payment regulations in Indonesia. Despite the decreased sales volume, Yamaha actually reported a 9.5% increase in net sales from Asia, raking in 150.4 billion yen (US$1.47 billion).
Yamaha is more optimistic about its year-end forecast, expecting to sell 6.951 million motorcycles by the end of 2013, up from 6.090 million motorcycles sold in 2012. Yamaha predicts increased unit sales in all markets including North America and Europe by the end of the year.