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Acushnet, a global leader in the design, development, manufacture and distribution of performance-driven golf products, reported financial results for the three and nine months ending September 30, 2024 – and they were pretty good.
David Maher, President and Chief Executive Officer of Acushnet, said: “Acushnet delivered strong third quarter results, with recurring revenue up 5% and adjusted EBITDA up nearly 9%.
“Our golf equipment businesses led the way this quarter, driven by the successful launch of new Titleist GT drivers and fairway metals and healthy demand for Titleist golf balls.
“Looking forward, we are confident in reaffirming our full-year revenue outlook and lowering our Adjusted EBITDA outlook towards the end of our guidance. This reflects confidence in our team's ability to serve and the tenacity of Acushnet's target consumer, the dedicated golfer of the game.
“I would like to thank the entire Acushnet team for their continued commitment to providing golfers with a great product and service experience and delivering long-term value to our shareholders.”
For the third quarter of 2024, higher net sales in the United States were mainly due to an increase of 18.3% in Titleist golf clubs and 12.1% in Titleist golf gear. The increase in Titleist golf clubs was primarily due to higher sales of the newly introduced GT drivers and fairways.
Traveling with a golf bag is a plus
The increase in Titleist golf gear was driven by increased sales in the travel and golf bag product categories.
Looking at the first nine months of the year as a whole, there was a 3.8% increase in net sales of Titleist golf balls, primarily driven by higher sales of the Pro V1 and Pro V1x, as well as the latest generation of AVX, Tour Soft and TruFeel introduced. in the first half of 2024.
There was also an 8.3% increase in net sales of Titleist golf clubs, primarily due to higher sales of our SM10 wedges launched in the first quarter of 2024 and newly introduced GT drivers and fairways, offset in part by lower sales volumes of composites and irons. .
READ MORE: By the numbers: what goes into the Titleist Pro V1 and Pro V1x golf balls
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