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Dec 31, 2021
Acushnet Q4 2021 Earnings Report
Acushnet reported flat net sales and a net loss due to decreased income from operations and increased operating expenses.
Key Takeaways
Acushnet Holdings Corp. reported full year net sales up 33.2% and fourth quarter net sales flat year over year. The company's fourth quarter net loss was $26.4 million, down 222.2% year over year, and Adjusted EBITDA loss of $5.0 million, down 110.4% year over year.
Full year net sales increased by 33.2%, or 30.6% on a constant currency basis.
Fourth quarter net sales were unchanged on a percentage basis, increasing 1.4% on a constant currency basis.
Net income attributable to Acushnet decreased $48.0 million to a net loss of $26.4 million.
The company expects full-year consolidated net sales to be approximately $2,175 to $2,225 million and Adjusted EBITDA to be approximately $325 to $345 million for 2022.
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 expects full-year consolidated net sales to be approximately $2,175 to $2,225 million and Adjusted EBITDA to be approximately $325 to $345 million.
Positive Outlook
- Full-year consolidated net sales are expected to be approximately $2,175 to $2,225 million.
- Adjusted EBITDA is expected to be approximately $325 to $345 million.
- On a constant currency basis, consolidated net sales are expected to be in the range of up 2.7% to up 5.0%.
- The Company's outlook assumes no significant worsening of the COVID-19 pandemic.
- The Company's outlook assumes no additional supply chain disruptions.
Challenges Ahead
- The Company's outlook assumes no changes in the impact of foreign currency.
- Supply chain constraints impacted sales volumes across all reportable segments.
- Gross profit was lower due to increased inbound freight costs.
- Raw material and component shortages negatively impacted production costs.
- Lower golf club sales impacted gross profit.
Revenue & Expenses
Visualization of income flow from segment revenue to net income