Acushnet Holdings Corp. (GOLF) Q3 2025 Earnings Call Transcript
Worldwide Net Sales (Q3) $658 million, a 5% constant currency increase year-over-year. Gains were across all segments.
Adjusted EBITDA (Q3) $119 million, a 10% increase year-over-year. Growth attributed to overall sales gains.
Year-to-Date Net Sales $2.08 billion, up 4% year-over-year. Growth driven by product launches and segment performance.
Year-to-Date Adjusted EBITDA $401 million, up 2% year-over-year. Growth attributed to segment performance and operational improvements.
Titleist Golf Equipment (Q3 and Year-to-Date) 5% growth in both periods. Driven by Pro V1 franchise growth, new T-Series irons, and Vokey SM10 wedges.
Golf Gear Segment (Q3) 13% growth, up 8% year-to-date. Growth driven by new product launches and improved supply chain.
FootJoy Business (Q3) 3% revenue growth. Growth attributed to Premiere and HyperFlex footwear models and steady glove growth.
Gross Profit (Q3) $319 million, up $15 million year-over-year. Driven by higher selling prices, sales volumes, and favorable mix shift in FootJoy.
Gross Margin (Q3) 48.5%, down 50 basis points year-over-year. Decline due to $10 million in incremental tariff costs.
SG&A Expense (Q3) $205 million, up $5 million year-over-year. Increase due to investments in A&P, IT systems, and restructuring costs.
Interest Expense (Q3) $14.5 million, up $1 million year-over-year. Increase due to higher borrowings.
Effective Tax Rate (Q3) 37.3%, up from 19.3% year-over-year. Increase due to jurisdictional earnings mix and reduced tax benefits.
Inventory Levels (Q3) Up 3% year-over-year. Increase due to tariff deadlines and product launches.
Year-to-Date Cash Flow from Operations Decreased year-over-year. Decline due to increased investments in IT systems and working capital.
Capital Expenditures (Year-to-Date) $51 million. Investments in strategic initiatives, with full-year CapEx expected to be $75 million.
Shareholder Returns (Year-to-Date) $230 million returned, including $188 million in share repurchases and $42 million in dividends.
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