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Yamaha Boosts Revenue, Net In First Half

Shizuoka, Japan – Yamaha Corp. boosted first-half global sales, operating income and net income.

Yamaha said global sales increased by 11.8 percent to 197.7 billion yen ($2.01 billion, operating income by 100.7 percent to 13.7 billion yen ($139.2 million), and net income by 273.4 percent to 12.5 billion yen ($12.7 million) for the fiscal first half ended Sept. 30.

During the period, Yamaha’s audio equipment sales, consisting mainly of home and pro audio, rose 17.3 percent to 48.7 billion yen $496.1 million). Segment income rose 14.7 percent 2.6 billion yen ($26.5 million).

Pro audio sales were included in the audio-equipment segment for the first time starting in the first quarter, and the segment was renamed from the AV/IT segment. The renamed AV/IT segment still includes telecom equipment such as routers and conferencing systems.

In North America, consolidated sales rose 26.6 percent to 31.3 billion yen, ($319.1 million) and operating income rose 35.4 percent to 1.24 billion yen ($12.6 million).

Yamaha doesn’t break out home audio from pro audio sales, but the company said Yamaha’s home audio market share in the U.S. grew in the first half of 2013.

In fiscal 2013 ending March 31, Yamaha Corp. posted a full-year net income of 4.12 billion yen ($41.7 million), reversing a previous-year net loss of 29.4 billion yen $299.4 million) caused by a restructuring of the company’s domestic Japan business.

In another restructuring, the company announced it is transferring the production in Japan of piano, wind instrument, and audio equipment manufacturing from the parent company to three existing wholly owned subsidiaries that manufacture for the domestic market. Yamaha said the spin-off, to be effective next April, is designed “to realize efficient production management in Japan and reinforce governance as well as to facilitate rapid management decisions on a global level.”

Despite the new restructuring, the company raised its forecasts for full-year net income to 18 billion yen from a previously forecast 16.5 billion yen, exceeding last year’s 4.1 billion yen. The full-year sales forecast was unchanged from 408 billion yen.