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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.
Acushnet
Acushnet
Acushnet Revenue by Segment
Acushnet Revenue by Geographic Location
Revenue by Segment
Titleist golf equipment Revenue
CapyFin.comFootJoy golf wear 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
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