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Yamaha Boosts Sales, Income Courtesy Of Currency Shifts

Shizuoka, Japan – Yamaha boosted third-quarter and nine-month sales and operating income thanks to currency fluctuations.

In the third quarter ending December, consolidated sales rose by 13.9 billion yen ($136.1 million), all of it attributable to currency fluctuations, company reports show. Third-quarter consolidated operating income rose by 5.5 billion yen ($53.9 million), 4.5 billion yen of which was the result of currency fluctuations.

Also for the quarter, net sales of audio equipment, consisting mainly of home and pro audio but also including such equipment as routers and conferencing systems, rose by 3.7 billion yen ($35.2 million), thanks to a positive impact of 4.8 billion  yen ($47 million) arising from currency fluctuations.

Third-quarter audio operating income rose by 500 million yen, thanks to a 1.2 billion yen gain attributable to currency fluctuations.

For the first nine months of the fiscal year ending March 2014, consolidated net sales were up by 34.8 billion yen, lifted by a 37.3 billion yen gain attributable to currency fluctuations. Consolidated operating income rose by 12.4 billion yen, 11.3 billion yen of which was due to currency fluctuations.

Nine-month audio sales rose by 10.9 billion yen, lifted by a 12.3 billion yen gain from currency fluctuations. The segment’s operating income grew only by 0.8 billion yen despite a positive impact from changing exchange rates.

 “Consolidated net sales through the third quarter increased 34.7 billion yen, or 12.7 percent from the same period of the previous fiscal year, to 308.7 billion yen due to sales growth of 37.3 billion yen resulting from foreign currency fluctuations,” the company said. “Consolidated operating income through the third quarter rose 12.4 billion yen, or 118.6 percent year-on-year, to 22.8 billion yen, thanks to a 11.3 billion yen increase due to foreign currency fluctuations.”

As for nine-month audio-segment performance, the company said, “While overall sales increased year on year, actual sales, excluding the impact of foreign currency fluctuations, decreased in all markets except North America. Regarding professional audio equipment, sales in the commercial audio equipment market remained sluggish. For network devices, sales of commercial online karaoke equipment decreased year on year, but sales of routers and conference systems increased.”

Nine-month audio sales were up 10.9 billion yen, or 15.9 percent, to 79.4 billion yen, “due to an increase of 12.3 billion yen resulting from foreign currency fluctuations,” the company said. Nine-month operating income increased 0.8 billion yen, or 17.8 percent year on year, to 5.3 billion yen, “due to an increase of 2.9 billion yen resulting from foreign currency fluctuations.”

For the nine months, consolidated net income rose 326.8 percent to 19 billion from the year-ago 4.5 billion yen. Third-quarter net income rose 487.7 percent to 6.5 billion yen from the year-ago quarter’s 1.1 billion yen.

The company’s largest business segment is musical instruments, which accounted for 63 percent of nine-month sales.