Acushnet Holdings Corp. reported a net sales increase of 3.2% for the fiscal year ending December 31, 2024, totaling $2,457.1 million, compared to $2,381.9 million in 2023. The company's net income attributable to Acushnet Holdings Corp. rose to $214.3 million, up from $198.4 million in the previous year. Adjusted EBITDA also saw an increase, reaching $404.4 million, reflecting a margin of 16.5%, compared to 15.8% in 2023. The growth in revenue was primarily driven by higher sales volumes in the Titleist golf equipment and Golf gear segments, despite a decline in sales volume for FootJoy golf wear.
In terms of operational changes, Acushnet has made significant investments in its distribution and information technology capabilities. The company opened a new customization and distribution center in Lakeville, Massachusetts, incurring costs of $3.4 million in 2024. Additionally, Acushnet began implementing a new global cloud-based ERP platform, with expected expenditures of approximately $30 million to $35 million in 2025 for this initiative. The company also shifted its FootJoy footwear production from a joint venture facility in Fuzhou, China, to a third-party facility in Vietnam, incurring restructuring charges of $18 million in 2024.
Geographically, Acushnet's sales in the United States increased by 7.2%, driven by strong performance in Titleist golf equipment, which saw a sales increase of $96.8 million. However, sales in Japan and Korea experienced declines, primarily due to lower sales volumes in FootJoy golf wear. The company reported that approximately 40% of its net sales were generated outside the United States, exposing it to foreign currency transaction risks, which it actively manages through hedging strategies.
Looking ahead, Acushnet anticipates continued resilience in global golf participation, supported by favorable demographics and a growing number of dedicated golfers. The company plans to focus on organic growth initiatives across all product categories and geographies, while also exploring acquisition opportunities to enhance its product offerings. The outlook remains cautiously optimistic, with expectations for stable demand in the golf market, although macroeconomic factors and changing consumer preferences could impact future performance.
About Acushnet Holdings Corp.
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