Acushnet Accelerated Sales Growth, Raised Outlook
Adjusted EBITDA climbed 45.8% to $208.6 million as margins widened.
Acushnet Holdings (GOLF), the golf-equipment maker, accelerated second-quarter net-sales growth to 13.8%, up from 7.1% in the first quarter and 7.2% in the final quarter of 2024.
The quarter marked a sharp earnings inflection. Net income rose 65.1% from a year earlier and 53.3% sequentially to $124.8 million, after declining 18.1% year over year in the first quarter. Adjusted EBITDA growth accelerated to 45.8% from 4.1%, and the quarterly margin expanded 5.5 percentage points to 25.4%.
Net sales reached $820.0 million, an 8.9% increase from the first quarter. Constant-currency growth rose to 14.2%, compared with 4.8% in the prior quarter.
Titleist golf equipment led the advance as sales growth accelerated to 20.3% from 8.9%. Golf-club sales rose 42.0% to $272.0 million, driven by GTS drivers and fairways, T-Series irons and higher Pro V1 pricing. Golf-ball sales increased 4.5%.
The earlier-than-usual second-quarter launch of GTS drivers and fairways helped reverse weaker first-quarter U.S. volumes for second-model-year metal woods. FootJoy golf-wear sales returned to growth, rising 3.1%, though lower footwear and apparel volumes remained a drag. Golf-gear sales increased 3.8% as lower travel-product and golf-bag volumes partly offset higher pricing.
Acushnet raised the lower end of its 2026 revenue outlook by $25 million, giving a range of $2.650 billion to $2.675 billion. The company also lifted its adjusted EBITDA forecast by $35 million at both ends to $450 million to $470 million. The outlook includes about $30 million of net tariff refunds; those refunds contributed approximately $38 million to second-quarter adjusted EBITDA after incentive-compensation effects.
First-half operating cash flow more than tripled to $107.4 million, even as capital spending increased. Share repurchases declined to $26.0 million from $125.0 million a year earlier, though Acushnet added an agreement to buy as much as $52.5 million of stock from Magnus alongside open-market purchases through September 2026.