Fortune Brands, Inc. is reporting that first quarter comparable revenues in the companys Acushnet Golf segment, which excludes foreign currency exchange rates, the impact of the sale of Cobra and restructuring and other charges sales in the continuing businesses grew 17 percent and operating income grew more than 30 percent. Reported GAAP revenues rose 4.7 percent to $3701.1 million and operating income shrank 2.5 percent to $43.3 million.
Sales reportedly achieved a first quarter record as successful new products drove strong growth in each product category. Sales for the Titleist brand were sharply higher on very strong initial demand for the new Pro V1 golf balls and 910 metals, while sales of the new DryJoys Tour golf shoes, as well as gloves and performance outerwear, drove robust growth for FootJoy.
For the parent, Fortune Brands posted net sales of $1.76 billion in the first quarter, up 8 percent versus the prior-year period. Net income was $81.2 million, or 52 cents per diluted share, compared to 47 cents in the year-ago quarter. Excluding charges and gains in both the current and prior-year periods, diluted EPS was 59 cents, up 20 percent from 49 cents in the year-ago quarter.
Comparisons reflected the impact of higher net charges in the current-year period, principally related to the companys previously announced plan to separate its business units.
