FAIRHAVEN – Acushnet Holdings Corp. earned a profit of $100 million in 2020, or $1.28 per diluted share, a decline from $124.5 million one year prior, or $1.60 per diluted share, the company reported Thursday.
Yearly revenue for the golf product company totaled $1.6 billion, a decline from $1.7 billion one year prior.
The company said that its business was significantly impacted by the COVID-19 pandemic, primarily in the first and second quarters when its manufacturing and distribution operations were shut down and most on-course retail pro shops and off-course retail partner locations were closed for varying lengths of time due to government-ordered shutdowns.
“I am extremely appreciative of Acushnet’s team of dedicated associates for their great work in navigating a year filled with challenges and uncertainty. Our commitment to associate safety, product quality and customer care has guided the company throughout 2020, and we look forward to building upon our momentum in the new year,” said David Maher, CEO and president. “Acushnet has held up well in these uncertain times, and I am confident our associates and trade partners will continue to adapt and excel as we move forward.”
- Sales of Titleist golf balls totaled $507.8 million for the year, a decline of 7.9% year over year.
- Sales of Titleist golf clubs totaled $418.4 million, a decline of 3.7% year over year.
- Sales of Titleist golf gear totaled $149.4 million, a decline of 0.4% year over year
- Sales of FootJoy golf wear totaled $415.3 million, a decline of 6% year over year.
Regionally, the largest sales decline occurred in the United States, with annual revenue sinking by $45.4 million to $839.4 million, followed by a $30.9 million decline in Japan revenue to $151.8 million. Annual sales in South Korea increased 10.2% to $246.2 million. Annual sales in Europe, the Middle East and Africa totaled $219 million, a decline of 5%. Annual sales in the rest of the world totaled $155.8 million, a decline of $4.2 million.
The company’s fourth-quarter profit totaled $23.2 million, an increase from $19.6 million one year prior. Quarterly revenue was $420.5 million, up from $368.3 million in the fourth quarter of 2019.
“Golf participation remains strong, and Acushnet’s momentum continued to build through the fourth quarter, resulting in reported sales gains across all segments and regions. We look forward to introducing a full lineup of exciting new products for the upcoming 2021 golf season,” said Maher.
