Yamaha Motor Co. continues to rebound from the global impact of the Covid-19 pandemic on its myriad business divisions, posting a 12.2 percent increase in net sales for the first quarter of 2021.
For all divisions, Yamaha reported net sales of JAP444.1 billion ($4.06 billion), an increase of 12.2 percent compared with the same period last year. Operating income rose 90 percent, to JAP48.3 billion ($442 million), driven by demand in nearly all business segments and cost reductions that offset logistical issues and a rise in material costs.
In the marine segment — which includes outboards, PWC and boats — net sales increased 7.4 percent to JAP97.5 billion ($893.1 million), primarily due to strong demand for outboards in the North American and European markets.
However, the company said supply chain issues continue to be a factor and affected net sales and operating income in the first quarter.
“We were still greatly affected by the delays in ship loading due to the global shortage of containers and shipping suspensions seen in the beginning of the year, but thanks to reinforcing supply with greater production volume, as well as the production adjustments made last year, unit sales increased,” Yamaha said in a statement.
The company also revised its forecasts for the fiscal year, estimating sales growth of nearly 18 percent, with strong increases in operating and net income.