Acushnet Co. operating income soars 255% in ’10

FAIRHAVEN – Acushnet Co. golf company, maker of Titleist, saw operating income soar 255 percent in 2010, to $88.7 million, from $25 million a year ago.
The big gain for the full year helped the company digest a fourth-quarter operating loss of $26.6 million, a 28.7 percent improvement from the year-ago period’s loss of $37.3 million.
Revenue for the full year rose 1.9 percent, to $1.241 billion, compared with $1.218 billion in 2009. For the fourth quarter, revenue was $233.5 million, a 2.9 percent increase from the year-ago period’s $226.9 million.
The company’s results were reported this month by its Deerfield, Ill.,-based parent, Fortune Brands Inc., which reported a companywide jump in operating income to $763.8 million, or 51 percent, for 2010, compared to $505.2 million.
Revenue grew 7 percent for the full year and 5 percent for the fourth quarter for Fortune Brands. The results reflect growth across all business units, which in addition to Acushnet Co. include Jim Beam and Moen.
Fortune said Acushnet closed the year with improved fourth-quarter comparable sales gains across geographies and product categories, including a double-digit gain for Titleist clubs driven by the new 910 drivers and Vokey Design wedges. For the full year, the golf business strengthened its industry leadership behind sustained global growth for the Pro V1 golf ball, and successful new product innovations that fueled double-digit growth for golf clubs and FootJoy shoes. &#8226