Titleist FootJoy parent Acushnet (NYSE:GOLF) fell short of analysts’ expectations in Q2 2024, with revenue flat year on year at $683.9 million. The good news? Acushnet’s outlook for the full year was close to analysts’ estimates, with revenue guided to $2.48 billion.
The company, which will launch its highly-anticipated GT series of drivers and metals, expects full-year net sales outlook of $2.45 billion to $2.5 billion and an adjusted EBITDA range of $385 million to $405 million.
Golf ball sales in the quarter increased four percent to $247 million -and six percent to $430 million for the first six months of ’24.
Titleist club sales in Q2 dropped 5.6 percent to $180 million, with year-to-date club sales up 3.4 percent to $369 million.
“Our Titleist golf balls business performed especially well in the half against a challenging comp with last year’s Pro V1 launch, and in the year, where we’ve seen a wide range of competitive golf ball introductions,’’ said Acushnet Co., President David Maher.”Double-digit Titleist golf balls gains in the U.S. and growth in Korea are setting the first-half pace and we entered the back half of the year with nice momentum. To meet healthy demand in all regions, we continue to operate our three Golf Ball production facilities at full capacity.’’
“Additionally, we are seeing the initial benefits from our recent capital investment program in the form of expanded urethane capacity and improved throughput efficiency and capabilities across our ball plants and custom imprint facilities.’’
Photo courtesy of Acushnet/Titleist
