Acushnet Holdings Corp (GOLF) Reports 10.6% Increase in Q3 Net Income
Acushnet Holdings Corp (NYSE:GOLF) reported a 10.6% increase in third quarter net income year over year, reaching $57.3 million.
Year-to-date net income also saw a 13.0% increase, totaling $225.2 million.
Third quarter net sales were up by 6.3% year over year, amounting to $593.4 million.
Year-to-date net sales also saw an 8.0% increase, reaching $1,969.0 million.
Acushnet Holdings Corp (NYSE:GOLF), the global leader in the design, development, manufacture, and distribution of performance-driven golf products, announced its financial results for the third quarter and year-to-date 2023 on November 2, 2023. The company reported a 10.6% increase in third quarter net income year over year, reaching $57.3 million. Year-to-date net income also saw a 13.0% increase, totaling $225.2 million.
Financial Performance Highlights
Acushnet reported third quarter net sales of $593.4 million, up 6.3% year over year, and year-to-date net sales of $1,969.0 million, up 8.0% year over year. The company's Adjusted EBITDA for the third quarter was $98.8 million, up 14.2% year over year, and year-to-date Adjusted EBITDA was $377.6 million, up 20.6% year over year.
Segment Performance
The company's golf club segment posted double-digit growth in the quarter, driven by the successful launch of next-generation T-Series irons. The golf ball segment also grew by 6% in the period. The company's performance reflects the strength of Acushnet's diversified portfolio and commitment to providing the game's dedicated golfer with best-in-class products and services.
Outlook for 2023
Based on its year-to-date performance and current projections for the fourth quarter of 2023, the company is reaffirming its full-year 2023 net sales guidance range of $2,350 to $2,400 million. On a constant currency basis, consolidated net sales are expected to increase 5.0% to 7.2%. In addition, the company now expects full-year 2023 Adjusted EBITDA to be approximately $365 to $375 million, compared to $355 to $375 million.
Share Repurchase and Dividend Announcement
During the quarter, the company repurchased 1,153,400 shares of common stock on the open market at an average price of $56.28 for an aggregate of $64.9 million. Acushnet's Board of Directors also declared a quarterly cash dividend of $0.195 per share of common stock, payable on December 15, 2023, to shareholders of record on December 1, 2023.
Explore the complete 8-K earnings release (here) from Acushnet Holdings Corp for further details.
This article first appeared on GuruFocus.
