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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.
Acushnet
Acushnet
Acushnet Revenue by Segment
Acushnet Revenue by Geographic Location
Revenue by Segment
Golf balls Revenue
CapyFin.comGolf clubs Revenue
CapyFin.comTitleist golf equipment Revenue
CapyFin.comFootJoy golf wear Revenue
CapyFin.comGolf gear Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEMEA Revenue
CapyFin.comJapan Revenue
CapyFin.comKorea Revenue
CapyFin.comRest of World Revenue
CapyFin.com 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.
- Adjusted EBITDA decreased by 9.6% year-over-year.
- The company is not providing updates to its full-year outlook due to macro-economic uncertainty.
Revenue & Expenses
Visualization of income flow from segment revenue to net income