FAIRHAVEN – Acushnet Holdings Corp. earned a profit of $121.1 million in 2019, a 21.2% increase year over year.
The company, which oversees the Titleist brand, among other golf products, on Thursday credited product launches with boosting its 2019 results.
“We are pleased with the company’s 2019 results, which were fueled by several successful product launches that drove growth in sales and earnings,” said David Maher, Acushnet’s CEO and president. “Our golf ball segment, in particular, showed great momentum in all major regions, driven by new Pro V1 and Pro V1x, and the Titleist ball count across professional tours came in at 73%.”
Earnings per diluted share were $1.60 in 2019, compared with $1.32 one year prior.
Sales for the year totaled $1.7 billion, an increase from $1.6 billion in 2018, including United States sales that increased 7.1% year over year to $884.8 million.
- Titleist golf ball sales increased 5.3% year over year to $551.6 million.
- Titleist golf club sales declined 2.4% year over year to $434.4 million.
- Titleist golf wear sales increased 2.7% year over year to $150 million.
- FootJoy sales increased 0.5% in 2019 to $441.9 million.
In the fourth quarter, Acushnet posted a $19.6 million profit, an improvement from $12.3 million in the fourth quarter of 2018. Company revenue was $368.3 million for the quarter, an increase from $343.4 million one year prior.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
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