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

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Did Acushnet Holdings beat or miss consensus estimates last 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.


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