Acushnet — owner of golf product brands including Titleist, FootJoy, and Scotty Cameron — raised its full-year guidance Thursday following a third-quarter earnings report.
The Massachusetts-based company saw net sales reach $521.6 million in Q3 2021, an 8% increase year-over-year. Acushnet beat Wall Street estimates of $416.54 million in sales for the quarter.
The company reported a strong quarter despite supply chain disruptions across all its segments.
- The results were driven by Acushnet’s FootJoy golf wear, which posted a $20.4 million increase in net sales in Q3, up 18.9% year-over-year due to higher pricing.
- Its Titleist golf club segment reached double-digit growth, posting a $13.9 million bump in net sales for the quarter, a 12.3% uptick compared to Q3 2020.
Acushnet expects supply chain constraints to continue throughout the rest of the fiscal year and into 2022.
However, the company estimates full-year sales to range between $2.08 billion and $2.1 billion, up from a previous target of between $1.93 billion and $1.99 billion.