Acushnet Holdings Corp., parent of the iconic Titleist and Footjoy golf brands, reported that consolidated net sales for the 2024 fourth quarter increased 7.8 percent, or 7.9 percent on a constant-currency (cc) basis, to $445.2 million, reportedly driven by increased average selling prices across all reportable segments, higher sales volumes in Titleist golf equipment and Golf gear and higher net sales of products that are not allocated to one of our three reportable segments.

Consolidated net sales for the full year increased 3.2 percent (+3.9 percent cc), said to be primarily driven by higher sales volumes in Titleist golf equipment and Golf gear and higher average selling prices in FootJoy golf wear and Golf gear, partially offset by a sales volume decline in FootJoy golf wear and products that are not allocated to one of our three reportable segments.

Fourth Quarter 2024

Region Summary
On a geographic basis, consolidated net sales in the United States were higher primarily as a result of increases of $13.5 million in Titleist golf equipment and $4.8 million in Golf gear. The increase in Titleist golf equipment was primarily related to higher sales volumes of GT drivers and fairways. The increase in Golf gear was largely related to higher sales volumes in travel product categories.

Net sales in regions outside the United States were up 6.7 percent (+7.1 percent cc) due to net sales increases in EMEA, Korea and Rest of World, partially offset by a decrease in net sales in Japan.

In EMEA, the company said net sales increased primarily due to higher sales volumes of products that are not allocated to one of our three reportable segments, Titleist golf equipment and Golf gear.

In Korea, the increase was said to be primarily due to higher net sales of products that are not allocated to one of our three reportable segments and Titleist golf equipment.

In Rest of World, the increase was reportedly driven by higher net sales across all reportable segments. In Japan, the decrease was largely related to lower net sales across all reportable segments in addition to products that are not allocated to one of our three reportable segments.

Segment Summary

Titleist golf equipment increased 7.3 percent (+7.4 percent cc) year-over-year, reportedly largely due to higher sales volumes of GT drivers and fairways launched in the third quarter of 2024 and higher average selling prices across all club categories, partially offset by lower sales volumes of irons.

FootJoy golf wear net sales grew 2.0 percent (+1.9 percent cc) year-over-year, said to be primarily due to higher sales volumes in footwear. Net sales in apparel and golf gloves were slightly down, as higher average selling prices were offset by lower sales volumes.

Golf gear jumped 17.3 percent (+17.3 percent cc) year-over-year, said to be primarily due to higher sales volumes in travel product categories and golf gloves.

Net loss attributable to Acushnet Holdings Corp. for the quarter was reported at $1.1 million, compared to $26.8 million for the same period in 2023. This improvement was said to be primarily a result of a decrease in loss from operations driven by higher gross profit, partially offset by higher operating expenses.

Adjusted EBITDA was $12.4 million, compared to a loss of $1.5 million in the prior year. Adjusted EBITDA margin was 2.8 percent for the fourth quarter versus (0.4) percent for the prior year period.

Full Year Summary
Consolidated full year net sales were $2.46 billion, up 3.2 percent year-over-year, or up 3.9 percent in constant-currency (cc) terms.

Segment Summary

In Titleist golf equipment the 6.2 percent (+6.9 percent cc) increase was said to be primarily driven by higher sales volumes of our SM10 wedges, GT drivers and fairways and Pro V1 and Pro V1x golf balls, partially offset by lower sales volumes of hybrids which are in their second model year.

In Golf gear the 4.3 percent (+5.1 percent cc) increase in net sales increase said was primarily due to higher sales volumes in travel product categories and higher average selling prices across all product categories, partially offset by lower sales volumes in golf bags.

In FootJoy golf wear, a 2.6 percent decrease (-2.0 percent cc) in net sales was said to be largely due to higher sales volumes in footwear and higher average selling prices in apparel, partially offset by lower sales volumes in golf gloves.

Full Year Income Statement Summary

  • Full year gross margin was 48.3 percent of net sales, up 130 basis points year-over-year.
  • Full year net income attributable to Acushnet Holdings Corp. of $214.3 million, up $15.9 million year-over-year.
  • Full year Adjusted EBITDA of $404.4 million, up $28.3 million, or 7.5 percent, year-over-year.

“Acushnet experienced another positive year in 2024, delivering 4 percent full year constant currency sales growth and adjusted EBITDA growth of 7.5 percent,” said David Maher, president and CEO, Acushnet Holdings Corp. “Titleist golf equipment posted healthy gains, driven by the successful introduction of GT metals and SM10 wedges and continued golf ball success led by Pro V1, Pro V1x and AVX models. During the year, we remained committed to investing in strategic initiatives, enhancing our operational and service capabilities, and returning capital to shareholders.”

Maher continued, “Looking to 2025, we are excited about the launch of new Titleist Pro V1 and Pro V1x golf balls, and celebrating our first twenty five years of Pro V1 innovation. The golf industry is healthy, with record rounds of play in the U.S. in 2024 and worldwide rounds of play up almost 20 percent over the past five years. In the year ahead, we are planning for continued growth in our business highlighted by exciting new products across all our segments. I want to thank my Acushnet teammates for their commitment to developing industry leading products that meet the high expectations of dedicated golfers. We are confident in our ability to successfully execute our strategy in 2025 and beyond as we seek to create long-term value for our shareholders.”

2025 Outlook
Acushnet expects full year consolidated net sales to be approximately $2.49 billion to $2.54 billion on a reported basis, up 2.2 percent year-over-year at the midpoint. This reportedly includes an estimated negative impact from foreign currency rates of approximately $35 million.

On a constant-currency basis, consolidated net sales are expected to be up between 2.6 percent and 4.6 percent. Acushnet expects full year adjusted EBITDA to be approximately $405 million to $420 million in 2025.

The company said this outlook does not reflect the impact of any imposition of import tariffs by the U.S. and potential retaliatory actions taken by other countries.

Image courtesy Titleist/Acushnet Holdings Corp.