FAIRHAVEN – Acushnet Co., the golf-products division of Deerfield, Ill.-based consumer products company Fortune Brands Inc., said Thursday operating income declined by 2.5 percent to $43.3 million in the first quarter from $44.4 million a year earlier.
Fortune Brands, the company behind consumer brands including Jim Beam bourbon, Titleist golf balls and Moen faucets, said it is now targeting the fourth quarter to complete the previously-announced separation of its three businesses.
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Fortune filed Friday a Form 10 Registration Statement with the U.S. Securities & Exchange Commission in connection with its plan to spin off its home and security division as a publicly traded company, sell or spin off Acushnet, and focus on its distilled spirits division.
Fortune will operate as Beam Inc. after the split up.
“[Acushnet] sales achieved a first quarter record as successful new products drove strong growth in each product category. Sales for the Titleist brand were sharply higher on very strong initial demand for the new Pro V1 golf balls and 910 metals, while sales of the new DryJoys Tour golf shoes, as well as gloves and performance outerwear, drove robust growth for FootJoy,” said Bruce Carbonari, chairman and CEO of Fortune Brands.
The golf unit’s net sales increased 4.7 percent to $370.1 million from $353.6 million.
Fortune Brands said its first-quarter profit increased by 12.5 percent to $81.2 million, or 52 cents per share, from $72.2 million, 47 cents per share. Net sales jumped 8.1 percent to $1.76 billion from $1.63 billion.
