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Yamaha Motor is best known for motorcycles, and what the company calls land mobility accounted for two-thirds of its March-ending quarterly sales.
But its number-two business by revenue is marine products, notably boat engines, and that business has been growing rapidly and profitably. In its fiscal first quarter, marine products operating income nearly matched that of land mobility, at 19.3 billion yen ($170 million) to 19.9 billion yen. That helped Yamaha Motor outperform the broader Topix index by 37% this year.
Yamaha Motor Has Been Riding Boat Engine Demand. JPMorgan Says It Will Peak.