Fortune Brands management said the company’s Acushnet golf business, which includes the Footjoy, Cobra, Titleist, and Pinnacle brands, reported third quarter golf sales dipped 2.0% to $269.6 million versus $275.2 million in the year-ago period.

Operating income for the division fell 19.4% to $27.0 million from $33.5 million in Q3 last year, due to an “unfavorable product mix in clubs” where they have “certain products nearing the end of their lifecycle”, which are scheduled to be replaced soon by “very exciting next-generation products,” such as the 503-H utility irons from Titleist and the new King Cobra Comp fairway metals. New drivers for Titleist will be shipping next year, “either late in the first quarter or early in the second quarter.”

FO said the Titleist pro V1 and the NXT and DT solo models drove continued sales growth in golf balls and at on- and off-course golf shops. Management said YTD share for the Titleist and Pinnacle golf ball brands was up another point and a half. Footjoy's success in the quarter was said to be “broad and deep” with strong sales of footwear, gloves, and outerwear particularly in the U.S., Canada, and Asia. U.S. market share in footwear was said to be “well above 50% and three times the nearest competitor.”
Acushnet is forecasting full year operating income before charges to be up in the high-single to low-double-digit range.