14 • June 2024 • Powersports Business
PWC / MARINE www . PowersportsBusiness . com
Yamaha shares Q1 marine business results
Yamaha Motor Co ., Ltd . announced its consolidated business results for the first three months of fiscal 2024 . Overall , revenues for the period were JPY $ 642.1 billion ($ 4.12 billion ), an increase of 5.9 % compared with the same period of the previous fiscal year .
“ In contrast to last year when outdoor recreation was booming , we had strong demand across almost all our businesses , and replenishing inventory was a priority , the business environment has heavily swung in the opposite direction and the first quarter of fiscal 2024 has been marked by concerns of an economic recession and the return of intense competition as market inventories have increased ,” says Yoshihiro Hidaka , CEO and representative director of Yamaha . “ Amidst these developments , our core business of motorcycles led the way , securing the company higher revenue and profits .”
Within the marine products business , Yamaha reported revenues were JPY $ 141.9 billion ($ 911.9 million ), a 2.5 % decrease compared with the same period of the previous fiscal year .
“ In China , Brazil and other emerging markets , demand continued to be strong in the commercial fishing and tourism markets ,” Yamaha reported in its quarterly statement . “ Meanwhile , in North America and Europe , concerns of an economic recession led small and midrange outboard motor demand to decrease , but demand for large horsepower outboard motors remained stable . In terms of sales , numbers fell in developed markets and remained about the same in emerging markets and this resulted in lower sales for the outboard business overall . For personal watercraft , unease about rising interest rates made customers hesitate to purchase and demand decreased . On the other hand , there were heavy inquiries for Yamaha products in the space and unit sales rose . As a result , sales and profits fell for the Marine Products business overall .”
Yamaha reported a decrease of 2.5 % within the marine products business in Q1 2024 compared to the same period of the previous fiscal year . Photo courtesy of Yamaha
Bennington appoints new VP of engineering
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Bennington announced it has appointed Ian Smith as the new vice president of engineering . Smith is an experienced engineering leader with a strong history working in the automotive and marine industries , with a management style focused on continuous improvement and team development .
He joined Bennington over three years ago and quickly moved from engineering manager to director before taking on this latest role . Previous positions include almost nine years with delivery concepts and almost three years with Atwood Mobile Products . He has degrees in mechanical engineering and industrial technology from Purdue University and a Master of Business Administration
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from the Kelley School of Business at Indiana University . He lives in Elkhart , Indiana , with his wife , Molly , and two children .
“ With lots of changes in the marine industry , it is critical that we continue to provide effective and innovative leadership ,” says Michael Shedivy , general manager of Bennington Marine . “ The future of Bennington pontoons embraces the idea that each model is a work of art , and we will be melding that concept with new technology , techniques and processes . We are confident that Ian is the right fit for the future of Bennington and under his leadership , we are poised to become an agile design house that will support our dealers with a full range of new boats to meet
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2023 Bennington LX Sport . Photo courtesy of Bennington
the ever-changing needs of the marketplace .”
“ I am humbled and excited for this new opportunity and the chance to grow Bennington ’ s products , processes and people , and appreciative of the support that has been shown in this transition ,” Smith says . “ Our customers are loyal and have established their persona as those that accept no compromises
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in what they look for in a Bennington . In addition , our dealers , many of which offer Bennington exclusively , believe in the brand . I am excited to honor the heritage of the brand while being a part of Bennington ’ s next generation of products . I look forward to delivering both with the guidance of senior leadership and the talent of the design and engineering teams .” |
New age requirement for driving motorboats to take effect June 1 in Colorado
According to Criag Press of Moffat County in Colorado , a new state law changing the age requirements to operate a motorboat in Colorado is set to go into effect June 1 .
The news outlet shares that the law prohibits the operation of a motorboat or PWC by individuals under the age of 18 who have not completed a boating safety course approved by Colorado Parks and Wildlife . Individuals between the ages of 14 and 18 years who have completed this training are qualified to operate a motorboat or PWC .
The new law does not apply to non-motorized vessels such as kayaks , canoes and standup paddleboards .
The reminder regarding the change in regulations came from CPW in honor of
National Safe Boating Week , which takes place May 18−24 . The agency noted four water-related fatalities have been recorded in Colorado this year . In 2023 , there were 32 water-related fatalities , down from 42 in 2022 . In 2021 , there were 22 fatalities , according to CPW .
The agency says the majority of the 2023 fatalities occurred from people rafting and kayaking on the Colorado and Arkansas rivers following a strong winter and wet spring that overloaded the mountain snowpack and increased runoff flowing into rivers , streams and lakes .
Colorado laws mandate all vessels , motorized and non-motorized , to have a life jacket readily accessible for every person on board
A new Colorado state law prohibits the operation of a motorboat or PWC by individuals under the age of 18 who have not completed a boating safety course approved by Colorado Parks and Wildlife . Photo courtesy of Kawasaki
and require children under age 12 to wear a life jacket at all times when on the water . However , CPW Manager of Boating Safety Grant Brown said the agency recommends boaters and passengers of all ages wear a life jacket when they are on a boat .
“ Regardless of your age or experience level , the data shows that life jackets save lives ,” Brown says . He says this is true especially when water temperatures are under 70 degrees Fahrenheit .
“ Cold water immersion shock coupled with the lack of a life jacket have been contributing factors in the majority of drownings in Colorado in previous seasons . We want people to have fun on the water and not be afraid of it , so we encourage you to bring the proper safety gear for a positive outdoor experience .”