Acushnet — the owner of popular golf brands including Titleist and FootJoy — raised its full-year net sales guidance Thursday following the company’s latest earnings report.
The Massachusetts-based holding company reported $658.6 million in net sales in Q2 2022, a 5.4% increase compared to the same period last year. Amid supply chain constraints, Acushnet saw its net income reach $66.5 million in Q2, down 18% compared to Q2 2021.
- Wall Street analysts projected $582 million in net sales for Acushnet in Q2 2022.
- Earnings per share reached 91 cents, compared to an estimated 75 cents.
- Acushnet reported $1.26 billion in year-to-date net sales, a 4.9% uptick year-over-year.
Following Acushnet’s better-than-expected second quarter, the company raised its full-year financial outlook, with net sales expected to range between $2.2 billion and $2.25 billion in FY2022, up from a previous projection between $2.17 billion and $2.22 billion.
Bread and Butter
Acushnet, which also owns golf brands Vokey Design, Scotty Cameron, and Pinnacle, benefited from top subsidiaries Titleist and FootJoy during the quarter.
FootJoy, a golf apparel brand, reported a 15.8% increase in net sales in Q2 behind an increase in sales volumes, compounded with higher average selling prices across all categories. Driven by new products, Titleist saw its golf club business grow 5.3% compared to Q2 2021.
