Shizuoka, Japan — Yamaha returned to profitability with $42.3 million in net income for its fiscal year ending March 31.
That reverses a previous-year net loss of $301.5 million caused by a restructuring of the company’s domestic Japan business, Yamaha said.
The company also forecast growth in revenues and net income in fiscal 2014.
North American audio sales were up for the year, the company noted.
Consolidated full-year revenues were up 2.9 percent to $3.76 billion compared with the previous year’s 4.6 percent decline. Operating income rose 13.6 percent to $94.4 million following the previous year’s decline of 38.4 percent.
Separately, the company announced that Takuya Nakata, most recently president of Yamaha Corporation of America (YCA), was named president of Yamaha globally.
Sales in three of the company’s four major business segments were up for the year, including the musical instrument segment and the A/V-IT segment. The latter consists of audio equipment and such telecom equipment as routers and conferencing systems. Sales were down only in the electronics device segment that includes semiconductors.
In the audio equipment, North American sales rose to overcome “a tough market in Japan,” allowing for total audio growth, the company reported. Although reported North American sales were lifted in part by stronger dollars being repatriated to Japan, YCA senior VP Tom Sumner told TWICE that “North American sales were up in local currency as well.” The company declined to reveal the percentage increase in North America.
In the A/-/IT segment globally, sales rose 4.1 percent to $568.2 million, but the segment’s operating income slipped 0.5 percent to $29.7 million.
Musical instrument sales were up 2.9 percent, and operating income was up 5.6 percent. Musical instruments accounted for 74.3 percent of total sales.