The Titleist, FootJoy and Kjus parent reported a fourth-quarter operating loss of $21.9 million versus an operating profit of $27.1 million. The reported net loss was $26.4 million for the period ended Dec. 31. Quarterly revenues were essentially flat at $420.6 million versus $420.5 million. Sales in the EMEA rose 9.8 percent in constant currency to $49.1 million and were driven by higher sales of Titleist golf clubs.
In 2021, Acushnet Holdings reported a 78.5 percent increase in annual operating income to $259.8 million from $145.5 million. Net income was 86 percent higher at $178.9 million, and adjusted Ebitda rose 40.8 percent to $328.3 million from $233.2 million. Annual revenues increased 30.6 percent in constant currency to nearly $2.5 billion, with all product categories posting double-digit increases. Golf ball sales increased 29.2 percent to $667.1 million, club sales were 29.6 percent higher at $551.5 million, and FootJoy golfwear sales rose 36.6 percent to $580.6 million. Annual sales in the EMEA region rose 26.1 percent to $296.0 million with strength in apparel and outerwear. Kjus, the Swiss-based golf and ski brand acquired in 2019, reported robust growth last year. The brand was particularly strong in the U.S., growing by over 50 percent.
Acushnet, which estimates golf rounds played outside the U.S. increased more than 10 percent in 2021 (versus a 5 percent jump in the U.S.), says the cost of oil, not its supply chain, is the variable with the potential biggest impact on its EMEA business this year. The company is currently forecasting 2.7 to 5.0 percent topline growth in 2021 to a range of $2.175 to 2.225 billion with adjusted Ebitda of $325 to 345 million (-1 to +6 percent). First-half consolidated net sales are forecast to be slightly more than 50 percent of the annual estimate. Meanwhile, first-half adjusted Ebitda should be approximately 60 percent of the full-year estimate, down from about 80 percent in 2021.
Kjus, the Swiss-based golf and ski brand acquired in 2019, posted robust growth for the year. The brand was especially strong in the U.S. market, up over 50 percent.
