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Acushnet
🇺🇸 NYSE:GOLF
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Jun 30, 2023

Acushnet Q2 2023 Earnings Report

Acushnet's Q2 2023 financial results were announced, demonstrating growth in net sales and adjusted EBITDA.

Key Takeaways

Acushnet Holdings Corp. reported a 4.7% increase in net sales to $689.4 million and a 24.0% increase in Adjusted EBITDA to $132.1 million for the second quarter of 2023. The company's performance was driven by strong sales in Titleist golf balls and golf clubs, with growth in the U.S. market offsetting declines in international regions. The company has raised its full-year 2023 net sales and Adjusted EBITDA outlook.

Net sales increased by 4.7% year-over-year, or 6.4% on a constant currency basis, reaching $689.4 million.

Net income attributable to Acushnet Holdings Corp. rose by 12.3% year-over-year to $74.7 million.

Adjusted EBITDA increased by 24.0% year-over-year to $132.1 million, with an Adjusted EBITDA margin of 19.2%.

The company updated its full-year 2023 outlook, expecting consolidated net sales of approximately $2,350 to $2,400 million and Adjusted EBITDA of approximately $355 to $375 million.

Total Revenue
$689M
Previous year: $659M
+4.7%
EPS
$1.09
Previous year: $0.91
+19.8%
Adjusted EBITDA Margin
19.2%
Previous year: 16.2%
+18.5%
Gross Profit
$369M
Previous year: $344M
+7.3%
Cash and Equivalents
$62.5M
Previous year: $109M
-42.7%
Free Cash Flow
$191M
Previous year: $64.6M
+194.8%
Total Assets
$2.33B
Previous year: $2.1B
+11.2%

Acushnet

Acushnet

Acushnet Revenue by Segment

Acushnet Revenue by Geographic Location

Forward Guidance

The Company now expects full-year 2023 consolidated nets sales to be approximately $2,350 to $2,400 million and full-year 2023 Adjusted EBITDA to be approximately $355 to $375 million.

Positive Outlook

  • Consolidated net sales are still expected to increase 5.0% to 7.2% on a constant currency basis.
  • Confidence in the team’s ability to develop and deliver high performance products and services.
  • Continued investments in Titleist golf balls and golf clubs.
  • Excitement to launch new T-Series irons later this summer.
  • Plans to launch a wide assortment of new products from FootJoy and KJUS for the Fall and Winter seasons.

Challenges Ahead

  • Outlook is tempered somewhat by elevated marketplace inventories in the footwear category.
  • Assumes no additional supply chain disruptions.
  • Assumes no changes in the impact of foreign currency.
  • Uncertainty in the global economic conditions.
  • Intense competition in the golf industry.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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