FAIRHAVEN – Acushnet Holdings Corp., owner of the Titleist golf brand, reported a profit of $30 million in the third quarter, more than tripling a profit of $7.3 million in the third quarter of 2018, according to a company filing Thursday.
Earning per diluted share were 39 cents in the quarter, compared with 9 cents one year prior.
Investing Wisely: Enhancing Efficiency & Value Through Sustainable Operations
Amgen is using its innovative capabilities to combat climate change and preserve natural resources through…
Learn More
Revenue for the company increased 12.6% year over year to $417.2 million. The company said the upswing in revenue was largely to the launch of a new line of Titleist golf clubs, whose sales increased 28.1% year over year to $126.8 million.
Titleist golf ball sales for the quarter declined 0.7% year over year to $120.9 million, while Titleist gear increased 13.4% to $34.6 million.
The company’s FootJoy golf wear brand accounted for $102.6 million in the quarter, a 2.4% increase from sales in the third quarter of 2018.
“Acushnet’s momentum continued in the third quarter, where our growth was fueled by gains in each of our business segments and across all major regions,” said David Maher, Acushnet’s president and CEO. “Our results through the first three quarters of 2019 were led by new Pro V1 and Pro V1x golf balls, our recently launched Titleist T-Series irons and healthy gains in Titleist gear and FootJoy golf wear.”
Sales in the United States accounted for over half of all of the company’s sales, totaling $215.7 million, a 6.2% increase year over year.
Korean sales totaled $55.7 million for the quarter, an 11.4% year over year. Sales in Japan totaled $55.2 million, a 32.4% increase year over year and sales in Europe, the Middle East and Africa totaled $55.7 million, a 33.6% increase year over year. “Rest of world” sales totaled $34.9 million, a 3.3% uptick from the third quarter of 2018.
The company said that it had repurchased $4.2 million of common stock in the quarter.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
