Acushnet Holdings Corp · Q1 2024 earnings

Briefing

Acushnet's first quarter was solid, driven by the strength of Titleist golf balls and clubs, and successful new product launches across Titleist, FootJoy and KJUS brands.

Acushnet Holdings Corp. reported a 3.1% year-over-year increase in net sales, reaching $707.6 million in the first quarter of 2024. Net income attributable to Acushnet Holdings Corp. decreased by 5.9% to $87.8 million, while Adjusted EBITDA increased by 4.7% to $153.7 million.

• Net sales increased by 3.1% year over year, or 4.0% on a constant currency basis, driven by Titleist golf clubs and golf balls.
• Net income attributable to Acushnet Holdings Corp. decreased by 5.9% year over year, primarily due to increased interest and income tax expenses.
• Adjusted EBITDA increased by 4.7% year over year, with an Adjusted EBITDA margin of 21.7%.
• The company reaffirms its full-year 2024 outlook, expecting consolidated net sales of approximately $2,450 to $2,500 million and Adjusted EBITDA of approximately $385 to $405 million.

Headline financials

Revenue & EPS history

The Company is reaffirming its full-year 2024 outlook and expects full year consolidated net sales to be approximately $2,450 to $2,500 million and Adjusted EBITDA to be approximately $385 to $405 million. On a constant currency basis, consolidated net sales are expected to increase 3.2% to 5.3%.