Q3 2024 Acushnet Holdings Corp Earnings Call Transcript
Key Points
- Acushnet Holdings Corp (GOLF) reported a 5% year-over-year increase in net sales for the third quarter, reaching $621 million.
- Adjusted EBITDA for the third quarter rose by 9% to $107 million compared to the same period in 2023.
- Titleist Golf Clubs experienced a significant 19% increase in net sales during the third quarter, driven by the successful launch of GT drivers and Fairway Metals.
- The U.S. market showed strong performance with a 6% increase in net sales for Q3 and a 7% increase year-to-date, benefiting from healthy participation and resilient consumer demand.
- The company maintains a strong balance sheet and cash flow position, with a net leverage ratio of 1.8x at the end of Q3, down from 1.9x in the second quarter.
- Titleist Golf Ball net sales were down 1% in the third quarter, with expectations of further declines in the second half due to inventory adjustments ahead of new product launches.
- FootJoy revenues decreased by 2% in the third quarter and 3% year-to-date, attributed to a soft apparel and footwear market.
- The EMEA region experienced a decline in sales, partially offsetting growth in other regions like Japan and Korea.
- Interest expense increased by $4 million in the third quarter due to higher borrowings.
- Year-to-date cash flow from operations decreased compared to the first nine months of 2023, primarily due to decreases in net income and changes in working capital.
Good morning, everyone, and welcome to today's Acushnet Company 3Q '24 earnings call. My name is Drew, and I'll be the moderator for today's call. (Operator Instructions)
It's now my pleasure to hand over to Sondra Lennon, Vice President, FP&A and Investor Relations, to begin. Please go ahead.
Good morning, everyone. Thank you for joining us today for Acushnet Holding Corp.'s third-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 turning 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
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