More Bad News For Yamaha
“From May, there has been a sudden impact from the Greek crisis,” Chief Executive Officer Hiroyuki Yanagi said in an interview in Tokyo yesterday. Combined sales in North America and Europe may decline as much as 20 percent this year, compared with an earlier estimate for a drop of about 10 percent, he said.
Developing countries are especially hardest hit and Yamaha has shut seven plants worldwide and eliminated 1000 positions this year on top of 1000 jobs cut in 2009.
According to a report in the Washington Post, Honda Motor Co., the world’s largest motorcycle maker, said it expects its two-wheeler sales in North America and Europe to drop less than 1 percent to 385,000 units in the fiscal year ending March 31.
Harley-Davidson Inc., the largest U.S. motorcycle maker, may report sales in the quarter ended June 30 fell to $1.13 billion from $1.28 billion a year earlier, according to the average of eight analyst estimates compiled by Bloomberg.
Yamaha fell 4.9 percent, the most in more than three months, to close at 1,146 yen in Tokyo trading, compared with a 1.1 percent drop in the benchmark Nikkei 225 Stock Average.
The euro has weakened beyond Yamaha’s currency hedging position and may crimp earnings in the second half of the year, Yanagi said.