Acushnet Holdings ( (GOLF) ) has released its Q3 earnings. Here is a breakdown of the information Acushnet Holdings presented to its investors.
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Acushnet Holdings Corp. is a global leader in the design, development, manufacture, and distribution of performance-driven golf products, primarily known for its premium brands, Titleist and FootJoy, within the sports equipment and apparel industry.
Acushnet Holdings recently announced its financial results for the third quarter and year-to-date 2024, highlighting a positive sales performance despite a slight decline in net income. The company continues to lead the golf equipment market with strong product launches and robust demand.
In the third quarter, Acushnet reported net sales of $620.5 million, a 4.6% increase year over year, driven by the successful introduction of new Titleist products. The adjusted EBITDA for the quarter rose by 8.7% to $107.4 million. However, net income slightly decreased by 1.9% to $56.2 million due to higher interest and tax expenses. Year-to-date figures show a steady increase in net sales by 2.2% and adjusted EBITDA by 3.8%, though net income fell by 4.4%. Notably, Titleist golf clubs and gear saw significant sales growth, particularly in the United States.
Geographically, sales in the U.S. led the growth with notable increases in Titleist golf clubs and gear, while sales outside the U.S. faced challenges, particularly in EMEA and Korea. Despite this, Acushnet’s market strategy and product innovation continue to bolster its competitive position in the golf industry.
Looking forward, Acushnet is optimistic about its full-year financial outlook, reaffirming its revenue projections and adjusting its EBITDA guidance towards the higher end. The company remains committed to delivering quality golf products and enhancing shareholder value through strategic initiatives and market expansion.
