Yamaha Motor Company is reporting a ¥7.5 billion ($80.9 million) net profit for its Q1 2010 numbers, which is a marked improvement over the tuning fork brand’s ¥15.8 billion ($169 million) loss in Q1 of last year. Sales for Q1 this year were up 16% compared to last year, for a total of ¥309.9 billion ($3.3 billion) in sales. Volume was also up for the brand by 26%, with Yamaha selling 1.6 million units worldwide. Despite these strong numbers, both sales in Japan (-14%)and the United States (-57.5%) fell for Yamaha in Q1 of 2010.
This devastating blow, in otherwise strong markets, would have crippled the Japanese company, but luckily strong sales in the overall Asian market boosted the company’s performance, as Asia accounted for nearly 2/3 of Yamaha Motors’ revenue. Despite this slump in sales locally, Yamaha still forecasts to sell 56,000 units in the US this year. Is the economy turning, or is someone smoking something? Only time will tell.