By Daniella Parra
Titleist owner Acushnet Holdings Corp. (NYSE: GOLF) reported a 5.1% rise in second-quarter revenue, or 11% on a constant currency basis, thanks to stronger sales across segments.
The golf products company, whose brands also include FootJoy shoes and apparel, also raised sales guidance for the full year.
The Company now expects full-year consolidated net sales to be approximately $2.2 billion to $2.25 billion, up from its previous range of $2.175 to $2.225 billion. On a constant currency basis, consolidated net sales are now expected to increase 6.8% to 9.1%, up from the previous range of 3.8% to 6.1%. For the full-year, Adjusted EBITDA is still expected to be approximately $325 to $345 million.
“Given our strong sales performance in the first half we are raising our full year sales outlook, while maintaining our adjusted EBITDA guidance to reflect currency headwinds, higher freight costs, and investments we are making to expand distribution and custom fulfillment capabilities for apparel and gear products,” said David Maher, Acushnet Company’s President and Chief Executive Officer. “We believe these investments will support future growth, reduce lead times and pay long-term dividends for our trade partners and shareholders.”
Net sales in the United States were higher across all reportable segments, including a 17.9% increase in Titleist golf clubs and a 17.8% rise in FootJoy golf wear. Titleist sales were driven by the newly introduced SM9 wedges, T Series irons and Phantom X putters, partially offset by lower sales volumes of drivers, fairways and hybrids. The increase in FootJoy golf wear was primarily due to higher average selling prices and sales volumes in footwear.
Net sales in regions outside the United States decreased 0.8%, or increased 9.7% on a constant currency basis.