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Acushnet Q1 2025 Earnings Report
Acushnet Holdings Corp. reported a slight decrease in net sales but an increase in net income for the first quarter of 2025, driven by a non-cash gain from a joint venture deconsolidation.
Key Takeaways
Acushnet Holdings Corp. announced its first quarter 2025 financial results, with net sales of $703.4 million, a 0.6% decrease year-over-year but a 1.2% increase in constant currency. Net income attributable to Acushnet Holdings Corp. rose by 13.2% to $99.4 million, primarily due to a non-cash pre-tax gain of $20.9 million related to its FootJoy golf shoe joint venture. Adjusted EBITDA decreased by 9.6% to $138.9 million.
First quarter net sales were $703.4 million, a 0.6% decrease year-over-year, but a 1.2% increase in constant currency.
Net income attributable to Acushnet Holdings Corp. increased by 13.2% to $99.4 million, largely due to a non-cash pre-tax gain of $20.9 million from the FootJoy golf shoe joint venture deconsolidation.
Adjusted EBITDA for the quarter was $138.9 million, down 9.6% year-over-year, with an Adjusted EBITDA margin of 19.7%.
The company declared a quarterly cash dividend of $0.235 per share and repurchased 540,944 shares of common stock for $36.6 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Given the current macro-economic uncertainty, Acushnet Holdings Corp. is not providing any updates to its previously issued consolidated full-year outlook. Additional information will be provided during its upcoming first-quarter 2025 earnings conference call and webcast.
Positive Outlook
- Positive responses to new Pro V1 and Pro V1x golf balls.
- Continued momentum in Titleist golf clubs, led by new GT drivers, fairways, and hybrids.
- Successful launch of new Scotty Cameron Studio Style putters and FootJoy HyperFlex golf shoes.
- Brands are well positioned in golf shops globally as the company enters peak season.
- Golf industry remains structurally healthy with growing participants and resilient rounds of play.
Challenges Ahead
- Poor weather impacted the U.S. and Asia in the first quarter.
- Evolving tariff landscape presents challenges.
- Lower income from operations partially offset the non-cash gain.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
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