ACUSHNET – Acushnet Holdings Corp. reported net income of $43.1 million in the first quarter, an 8.7 percent increase from last year’s $39.6 million profit, according to a company statement Thursday.
Based on the number of shares reported as issued and outstanding, earnings per share were 58 cents in the first quarter, compared with 53 cents per share in the same year-earlier period.
Net sales for the quarter increased 1.9 percent to $441.8 million during the first three months of the year, although on a constant-currency basis, they fell 2.2 percent, something the company partially attributed to poor weather that accompanied the traditional start of the golf season.
“As the golf season opens up around the globe, the industry is structurally in a good place and generally optimistic in what has been an exciting start to the season across the worldwide tours,” said David Maher, Acushnet’s president and CEO, in a statement. “While weather patterns have been a factor early this year, Acushnet is off to a solid start as we continue to execute on our long-term strategy with good momentum across our various product categories.”
Titleist golf ball sales declined from $134.2 million last year to $124.9 million in the first quarter of 2018, offset by a Titleist golf club sales increase of $15 million year over year to $116.9 million. On a constant-currency basis, ball sales fell 9.8 percent, while club sales increased 10.4 percent. Golf club sales increases were primarily attributed to wedges introduced in the quarter and strong continued sales of the company’s iron series introduced in the third quarter of 2017.
Titleist golf wear sales also increased $2 million year over year to $44.3 million, attributed to higher average selling prices across the board. The increase was 0.2 percent on a constant-currency basis.
FootJoy golf wear sales declined $1.5 million year over year to $140.7 million. The decline was in part due to bad weather and product launch times, the company said. The decline was 5.7 percent on a constant-currency basis.
Nearly half of the company’s sales were in the U.S for the quarter, with $219.3 million in sales, compared with $223.1 million last year, a decline of 1.7 percent.
Chris Bergenheim is the PBN web editor.
