Q2 2024 Acushnet Holdings Corp Earnings Call Transcript
Key Points
- Acushnet Holdings Corp (GOLF) reported a 1% year-over-year increase in net sales for the second quarter, driven by gains in Titleist golf balls.
- Titleist golf balls and golf clubs showed strong performance, with sales growing 7% and 5% respectively in the first half of the year.
- The company experienced double-digit growth in the US market, led by golf balls and FJ Apparel.
- Acushnet Holdings Corp (GOLF) has expanded urethane capacity and improved throughput efficiency in its production facilities.
- The company is well-positioned for the second half of the year with upcoming product launches, including new Titleist GT Metals and FJ Quantum golf shoes.
- Adjusted EBITDA for the second quarter was down $1.1 million compared to the previous year.
- The European market experienced a slow start due to poor weather, impacting sales, particularly in FootJoy footwear and apparel.
- Excess footwear and apparel inventories in Asia have negatively impacted results in those regions.
- Currency headwinds have affected net sales, with a $16 million impact in the first half of 2024.
- The premium apparel market in Korea remains soft, affecting sales in that segment.
Good morning, everyone, and welcome to today's Acushnet Company 2Q '24 earnings call. My name is Drew, and I'll be your operator today. (Operator Instructions) I will now turn the call over to Sondra Lennon, Vice President, Planning Analysis and Investor Relations. To begin, please go ahead.
Good morning, everyone. Thank you for joining us today for Acushnet Holding Corp's second quarter 2024 earnings conference call. Joining me this morning are David Maher, our President and Chief Executive Officer; and Sean Sullivan, our Chief Financial Officer.
Before I turn the call over to David, I would like to remind everyone that we will be making forward-looking statements on the call today. These forward-looking statements are based on Acushnet's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations. For a list of factors that could cause actual results to differ, please see today's press release.
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