FAIRHAVEN – Acushnet Holdings Corp., parent company of the Titleist and FootJoy golf product brands, reported a profit of $103.1 million in 2018, a tick below its 2017 profit of $103.2 million.
Sales for the global golf industry enterprise totaled $1.63 billion for the year, an increase of 4.7 percent over the year, although on a constant-currency basis, sales grew 3.1 percent. The largest segment increase for the company was Titleist golf clubs, selling $445.3 million in 2018, an 11.9 percent increase (10.5 percent in constant currencies) from one year prior.
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Titleist golf ball revenue increased 2.3 percent (1.2 percent on a constant-currency basis) to $524 million in 2018. Titleist golf gear revenue increased 2.2 percent (0.3 percent in constant currencies) from 2017 to 2018 to $146.1 million. FootJoy golf wear (which includes shoes) revenue increased 0.5 percent to $439.7 million in 2018, although on a constant currency basis, it fell 1.4 percent..
“We are pleased with our results for 2018, which were driven by exciting new product innovation, particularly in the equipment categories of golf balls and golf clubs,” stated David Maher, Acushnet’s president and CEO, in prepared remarks. “The Titleist golf ball business continued its unparalleled performance as Pro V1 notched 180 wins across worldwide tours, our new AVX franchise was embraced by golfers globally and new Tour Soft and Velocity models surpassed our high expectations. … Titleist golf clubs also had a terrific year, led by the successful introduction of TS Metals, continued success of Titleist irons, and the wide acceptance of new Vokey SM7 wedges and Cameron Select Putters.”
The United States was the region that experienced the largest revenue growth for the company, increasing $36.2 million, or 4.6 percent, year over year. The fastest growth rate in a region for the company was Korea, where sales increased 10.4 percent from 2017 to 2018 to $221.1 million.
“As we head into 2019, we are optimistic about the opportunities in front of us,” said Maher. “The global golf business is structurally healthier than in recent years, and the dedicated golfer remains, we believe, the most attractive market opportunity and one we are particularly suited to serve.”
