COVID-19 pandemic hits Yamaha’s marine division
Sales fall as coronavirus sweeps Yamaha’s global markets, but there is blue sky aheadOutboard engine maker Yamaha has reported an almost 11 per cent slump in global sales earnings as the COVID-19 pandemic disrupted its markets and manufacturing.
The company, which has boat manufacturing factories in the US and outboard engine production lines in Japan, reported net sales were down to ?247.4 billion ($A3.3 billion) over the first three quarters of this year, a 10.9 per cent fall.
The company made less from each sale, too, with operating income falling to ?40.7 billion, a 21.5 per cent slump.
“Unit sales declined due to temporary closing of operations at boatbuilders and dealerships in North America due to COVID-19,” Yamaha said in a statement announcing the interim result.
Losing pace
“In addition, temporary closures at the Iwata main factory in Japan and factories in the US led to supply not keeping pace with the rapid recovery in overall demand, resulting in lower sales and profits.”
However, while the year so far had looked a little gloomy for the company, Yamaha said it expected the last quarter of the year to look a little better.
It is predicting that full-year earnings will jump by 8.0 per cent while operating income will jump by 250 per cent compared with forecasts made earlier in the COVID-19 pandemic.
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