Sales in the EMEA increased by 18.3 percent to $57.0 million.
The Titleist and FootJoy parent reported adjusted Ebitda of $12.4 million against a loss of $1.5 million for the period ended Dec. 31. The operating loss was $5.2 million against a loss of $24.7 million. Total revenues improved by 7.8 percent to $445.2 million from $413.0 million with gross margins up by 300 basis points to 4.7 percent and were aided by higher average selling prices (ASPs).
EMEA increased heavily
By region, sales in the EMEA increased by 18.3 percent to $57.0 million, by 8.7 percent in the US to $245.8 million; and by 7.1 percent to $64.8 million in Korea. Q4 revenues generated in Japan, meanwhile, tumbled by 18.9 percent to $25.3 million. By product segment on a constant currency basis, golf club sales rose by 15.7 percent to $126.0 million and golf ball sales were 1 percent higher at $140.5 million. FootJoy golf wear sales grew by 1.9 percent to $97.4 million.
For FY24, Acushnet generated a 6.6 percent increase in operating income to $304.3 million from $285.3 million with net income attributable to the company rising by 8.0 percent to $214.3 million. Annual gross margin improved by 130 basis points to 48.3 percent from 47.0 percent. Revenues increased by 3.2 percent to $2.46 billion from $2.38 billion.
Region by region
By region, annual EMEA sales inched up by 0.4 percent on a constant basis, and by 2.0 percent on a reported basis, to $320.9 million. Home market US revenues rose by 7.2 percent to $1.45 billion. But FY24 sales were down in both Japan (-15.4%) and Korea (-10.8%) to $134.0 million and $291.0 million, respectively. By product segment on a constant currency basis, annual golf ball sales bounced 4.0 percent higher to $786.5 million as golf club sales swung 10.4 percent higher to $721.3 million. FootJoy sales fell by 2.0 percent to $574.6 million.
The group’s current FY25 outlook, exclusive of any impact related to import tariffs by the US and potential retaliatory actions by other countries, calls for a net sales range of $2,485-$2,535 million and a full-year adjusted Ebitda range of $405-$420 million.
