ACUSHNET- Acushnet Holdings Corp. reported a $34 million profit for the 2017 second quarter ending on June 30, an increase of $6.6 million year over year in a Securities Exchange Commission filing released last week.
The company’s net sales, however, declined $35.3 million year over year. The company reported a decline in cost of goods sold, and selling, general and administrative operating expenses.
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Net income was 44 cents per diluted share for the quarter.
Titleist:
Acushnet’s Titleist brand saw overall sales decline for the second quarter.
Sales of Titleist golf balls declined by $10.9 million, a 6.6 percent decrease year over year. The company noted a decline in ProV1 franchise and performance models, a reduced store count, retail disruption and unfavorable weather conditions.
Club sales declined $25 million, a 21.1 percent decline year over year. Titleist experienced a decline in sales, particularly in the company’s iron series. Sales of golf clubs were also said to be affected by retail disruption and weather conditions.
Titleist golf gear, however, increased year over year by $2.5 million, an increase of 5.6 percent. The gear sales increase was primarily attributed to higher average selling prices across all categories of the gear business.
Chris Bergenheim is the PBN web editor.
