What were the key takeaways from Acushnet Holdings's earnings call?

What factors drove the changes in Acushnet Holdings's revenue and profit?

What guidance did Acushnet Holdings's management provide for the next earnings period?

What is the revenue and EPS growth rate for Acushnet Holdings year over year?

What is Acushnet Holdings's latest dividend and current dividend yield?

Did Acushnet Holdings beat or miss consensus estimates last quarter?

What is Acushnet Holdings's gross profit margin?

What is the market's earnings forecast for Acushnet Holdings next quarter?

- **Revenue Growth**: Q3 net sales up 5% YoY to $658 million; YTD up 4% to $2.08 billion.
- **Product Success**: Titleist Golf Equipment (+5% Q3), Golf Gear (+13% Q3), and FootJoy (+3% Q3) all outperform.
- **Regional Strength**: U.S. (+6% Q3), EMEA (+14% Q3), offsetting Japan/Korea softness.
- **Tariff Impact**: 2025 impact $30 million; 2026 expected at $70 million+ but partially mitigated.
- **Financial Health**: Adjusted EBITDA up 10% YoY to $119 million; gross margin 48.5%.
- **Shareholder Returns**: $188 million buybacks YTD; dividend of $0.235/share declared.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 net sales of $658 million, up 5% year-over-year (YoY) on a constant currency basis. Year-to-date (YTD) sales of $2.08 billion, up 4% YoY.
- **Segment Performance**: 
  - **Titleist Golf Equipment**: 5% Q3 and 5% YTD growth, driven by Pro V1 golf ball sales and successful launches of T-Series irons and Vokey SM10 wedges.
  - **Golf Gear**: 13% Q3 and 8% YTD growth, with travel brands (e.g., Links & Kings) up 20% YTD.
  - **FootJoy**: 3% Q3 growth, benefiting from Premiere and HyperFlex footwear models and apparel resilience.
- **Regional Highlights**: 
  - **U.S.**: 6% Q3 growth, strong across all segments.
  - **EMEA**: 14% Q3 growth, 8% YTD, driven by favorable weather and rounds of play.
  - **Japan/Korea**: Japan down 13% Q3, Korea up 3% Q3, with equipment strength offsetting footwear/apparel softness.
- **Inventory Management**: Channel inventories in line with seasonal expectations, with company-owned inventory up 3% YoY.

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Adjusted EBITDA: $119 million (10% YoY growth).
  - Gross Profit: $319 million (+$15 million YoY), gross margin 48.5% (-50bps YoY due to tariffs).
  - SG&A: $205 million (+$5 million YoY), including $2 million restructuring costs.
- **Tariffs**: Full-year 2025 impact $30 million (mitigated to $15 million), 2026 impact estimated at $70 million+.
- **Cash Flow**: 
  - YTD free cash flow down due to strategic investments (e.g., IT systems).
  - Share buybacks: $188 million YTD; dividend declared at $0.235/share.
- **Full Year Guidance**: 
  - Revenue: $2.52-$2.54 billion (3% midpoint growth).
  - EBITDA: $405-$415 million.

**【Q&A Key Highlights】**
- **U.S. Sales Breakdown**: Equipment growth driven by volume (not pricing), with selective price increases in FootJoy and Gear.
- **Tariff Mitigation**: 2026 impact expected to be partially offset via supply chain adjustments.
- **Inventory Health**: Channel inventories healthy, with company inventory quality strong.
- **EMEA Growth**: Driven by favorable weather and increased fitting activity.
- **Working Capital**: Usage reflects IT investments and inventory pull-forward for tariffs.


Acushnet Holdings Corp. (GOLF) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 net sales up 5% YoY to $720 million, driven by Golf Equipment and Gear segments. H1 net sales up 3% YoY to $1.42 billion.
- **Profitability**: Q2 adjusted EBITDA up 9% YoY to $143 million. Gross margin 49.2%, up 40bps YoY.
- **Tariff Mitigation**: $30 million H2 tariff impact expected, with >50% mitigation through supply chain optimization and pricing actions.
- **New Products**: T-Series irons and Pro V1 golf balls driving Equipment growth. FJ's premium strategy shows early success.
- **Shareholder Returns**: $154 million returned in H1, with $70 million CapEx for 2025.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 net sales of $720 million, up 5% YoY, driven by Golf Equipment and Gear segments. First half net sales of $1.42 billion, up 3% YoY.
- **Segment Performance**: Golf Equipment sales up mid-single digits in Q2 and H1, led by Pro V1 golf balls and GT Metals. Gear sales up 7% in Q2 and 6% in H1. FootJoy (FJ) sales down 2% in Q2 and 4% in H1 due to premiumization strategy.
- **New Product Launches**: T-Series irons launched in July with strong early response. Pro V1 golf balls maintain healthy demand. FJ's Premier and HyperFlex shoes show positive trends.
- **Regional Strength**: U.S. and EMEA regions lead growth. EMEA up 6% in H1, U.K. rounds of play up 20%. Japan and Korea equipment sales stable, but apparel and footwear markets soft.
- **Supply Chain Resilience**: Golf balls produced in U.S. and Thailand; clubs assembled in major regions to navigate tariffs.

**【CFO Financial Commentary】**
- **Q2 Financials**: Adjusted EBITDA of $143 million, up $12 million YoY. Gross margin 49.2%, up 40bps YoY. SG&A expenses up $14 million YoY due to investments in fitting network, IT, and A&P.
- **Tariff Impact**: $5 million tariff costs in Q2, $30 million expected in H2. Mitigation efforts (supply chain optimization, selective pricing) aim to offset >50% of H2 impact.
- **Balance Sheet**: Net leverage ratio 2x. Inventory up 11% YoY due to tariff preparation and iron launch. Full year CapEx revised to $70 million (from $85 million).
- **Shareholder Returns**: $154 million returned in H1 ($125M buybacks, $29M dividends). Q2 dividend of $0.235 declared.
- **H2 Outlook**: Low single-digit net sales growth, with growth across all segments. Gross margin pressure from tariffs, but focus on cost control and innovation.

**【Q&A Highlights】**
- **Inflation & Pricing**: Industry-wide price increases in gear, footwear, and apparel. Tariffs driving selective pricing actions, but emphasis on performance innovation to justify price hikes.
- **Customer Pricing Ability**: Dedicated golfers willing to pay for premium performance. FJ's premium strategy (Premier, HyperFlex) shows positive sell-through.
- **Sell-In/Sell-Through**: Inventory levels normalized, sell-through trends healthy despite macro concerns. Equipment demand stable, apparel and footwear correction ongoing in Asia.
- **Asian Market Stabilization**: Japan and Korea equipment sales stable, but apparel and footwear markets soft. Expect stabilization in H2 as new entrants exit apparel market.
- **Tariff Mitigation**: Optimizing supply chain, vendor sharing programs, selective pricing, and cost reduction initiatives (e.g., VBR program) to offset >50% of H2 tariff impact.

Acushnet (GOLF)-7 Aug 25-2025 Q2 Earnings call transcript

- **Revenue Resilience**: 1% net sales growth driven by Golf Equipment and Gear segments, despite global tariff challenges.
- **Tariff Mitigation**: $75 million gross impact expected in 2025, with >50% offset via supply chain diversification (e.g., US-based club production, Vietnam footwear manufacturing).
- **Consumer Strength**: Dedicated golfer demand remains resilient, with Q1 rounds of play up slightly globally.
- **Footwear Recovery**: FootJoy transitioning to premium products, with new HyperFlex and Premier models gaining traction.
- **Shareholder Returns**: $51 million returned to shareholders in Q1, with $415.5 million remaining under buyback authorization.

**【CEO Summary Section】**
- **Revenue Growth**: Worldwide net sales of $703 million, up 1% year-over-year, driven by a 4% increase in Golf Equipment and Golf Gear segments.
- **Segment Performance**: 
  - **Golf Equipment**: 4% growth, led by new Pro V1 golf balls and expanded GT Metals franchise.
  - **Golf Gear**: 4% growth, with double-digit gains in EMEA and Japan.
  - **FootJoy**: Down 5% due to lower footwear sales, but new HyperFlex and Premier models show promise.
- **Regional Trends**: US up 1%, EMEA up 4%, Japan and Korea down 2% and 4% respectively, due to weather and apparel corrections.
- **Tariff Impact**: $75 million gross impact expected in 2025, with plans to mitigate over 50% through supply chain diversification and cost controls.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Adjusted EBITDA: $139 million (down 9.6% YoY due to strategic investments).
  - Gross Profit: $337 million (down $5 million YoY due to manufacturing costs).
  - SG&A: $200 million (stable YoY, with $7 million reduction in restructuring costs).
- **Tariff Mitigation**: 
  - $75 million gross impact, 70% from China tariffs.
  - Plans to offset >50% through supply chain adjustments (e.g., US-based club production, Vietnam footwear manufacturing).
- **Balance Sheet**: 
  - Net leverage ratio: 2.0x.
  - Share buybacks: $51 million returned to shareholders in Q1.
- **Guidance**: First-half sales up low single-digits YoY, with most tariff impact in Q2.

**【Q&A Highlights】**
- **Guidance Pause**: No full-year updates due to tariff uncertainty, but Q2 tariff impact estimated at $4 million.
- **Tariff Mitigation Strategy**: 
  - Priority on supply chain diversification (e.g., US-based club production, Vietnam footwear).
  - Pricing actions as last resort.
- **Consumer Demand**: Resilient rounds of play (+15% in UK/EMEA), with no signs of demand weakness.
- **Footwear Market**: Normalized inventories, with FootJoy focusing on premium products.


Acushnet Holdings Corp. (GOLF) Q1 2025 Earnings Call Transcript

- **Q4 2024 Strong Performance**: 8% sales growth driven by Golf Clubs and Gear, with full year Titleist Equipment up 7%. 
- **2025 Growth Outlook**: 2.6%-4.6% constant currency sales growth, led by new Pro V1 and GT1 launches. 
- **Capital Return Leadership**: 9% dividend increase to $0.235/share, $227M returned in 2024. 
- **Gross Margin Expansion**: 48.3% full year margin, 300bps YoY improvement in Q4. 
- **Key Risks**: $7M potential tariff impact, Korea Apparel market correction. 


**【CEO Summary Section】**
- Q4 2024 net sales: $445 million (+8% YoY), driven by double-digit gains in Titleist Golf Clubs and Gear segment. Full year 2024 sales: $2.46 billion (+4% constant currency), with 7% growth in Titleist Golf Equipment and 4% in Golf Balls. 
- 2025 outlook: 2.6%-4.6% constant currency sales growth, fueled by new Pro V1 launch, GT1 drivers, and Cameron putters. 
- Capital returns: $227M returned in 2024 (dividends + buybacks). 2025 dividend increased 9% to $0.235/share. 
- Strategic investments: Global fitting network expansion, ERP system implementation, and TPI growth. 

**【CFO Financial Commentary】**
- Q4 2024: Adjusted EBITDA $12.4M (+$14M YoY), gross margin 46.7% (+300bps YoY). Full year 2024: Adjusted EBITDA $404M (+7.5%), gross margin 48.3% (+130bps). 
- 2025 guidance: Sales $2.485B-$2.535B (reported basis), EBITDA $405M-$420M. Foreign currency headwinds estimated at $35M. 
- Risks: 10% U.S. tariffs on China imports could add $7M annualized cost. 
- Cash flow: $75M capex in 2024, $85M expected in 2025. 

**【Q&A Key Themes】**
- **Golf industry health**: U.S. rounds up 2% in 2024, dedicated golfer base stable. Global equipment market resilient despite macro challenges. 
- **FootJoy strategy**: Focusing on premium footwear (Premier, HyperFlex), reducing SKUs, and improving profitability despite flat sales. 
- **Korea dynamics**: Strong Equipment growth offset by Apparel market correction. 
- **Gross margin sustainability**: Normalized supply chain, product mix, and PTO policy benefits support 2025 margin stability. 
- **Tariff mitigation**: Exploring pricing actions and supply chain diversification. 


GOLF

GOLF fundamentals

Earnings Call

You can ask Aime