Acushnet (US:GOLF)2025-11-05 11:02Financial Performance - Third quarter net sales reached $657.7 million, a 6.0% increase year over year, and a 5.3% increase in constant currency[6] - Year-to-date net sales totaled $2,081.5 million, up 3.5% year over year, and up 3.6% in constant currency[13] - Third quarter net income attributable to Acushnet Holdings Corp. was $48.5 million, down 13.7% year over year[6] - Year-to-date net income attributable to Acushnet Holdings Corp. improved to $223.4 million, a 3.7% increase year over year[19] - Adjusted EBITDA for the third quarter was $118.6 million, reflecting a 10.4% increase year over year[12] - Full-year 2025 revenue outlook updated to $2,520 to $2,540 million, with expected constant currency growth of 2.6% to 3.4%[22] - Full-year 2025 Adjusted EBITDA guidance set at approximately $405 to $415 million[22] Sales Breakdown - Net sales in the United States increased by $44.4 million for Titleist golf equipment and $10.2 million for Golf gear year-to-date[14] - Net sales in regions outside the United States increased by 1.8%, or 2.3% on a constant currency basis, driven by EMEA and Rest of World[15] - Golf balls segment sales increased to $202.4 million, up $11.8 million or 6.2% year-over-year[35] - The United States generated $397.0 million in sales, reflecting a $22.8 million increase or 6.1% from the previous year[36] - Golf gear sales for the nine months increased by $14.6 million or 7.5%, totaling $208.8 million[37] - EMEA region sales grew by $29.7 million or 11.3%, reaching $293.6 million for the nine months[38] - FootJoy golf wear sales decreased by $9.3 million or 1.9%, totaling $467.9 million for the nine months[37] - Japan experienced a decline in sales of $6.4 million or 5.9%, totaling $102.3 million for the nine months[38] Assets and Liabilities - Total assets increased to $2.35 billion as of September 30, 2025, compared to $2.18 billion at the end of 2024, marking a growth of 7.9%[32] - Cash and cash equivalents rose to $89.5 million at the end of Q3 2025, up from $53.1 million at the end of 2024[34] - Long-term debt increased to $878.3 million as of September 30, 2025, compared to $753.1 million at the end of 2024[32] Operating Expenses - Operating expenses for the nine months ended September 30, 2025, totaled $683.6 million, an increase from $660.0 million in the same period of 2024[31] - Research and development expenses for Q3 2025 were $18.6 million, slightly down from $18.9 million in Q3 2024[31] Shareholder Actions - The company repurchased 2,842,719 shares of common stock for an aggregate of $187.5 million during the nine months ended September 30, 2025[21] Future Outlook - Acushnet Holdings Corp. plans to continue expanding its presence in international markets and investing in new product development[28] Cash Flow - The company reported a net increase in cash of $36.4 million for the nine months ended September 30, 2025[34] Quarterly Highlights - In Q3 2025, total net sales reached $657.7 million, an increase of $37.2 million or 6.0% compared to Q3 2024[36] - Adjusted EBITDA for Q3 2025 was $118.6 million, compared to $107.4 million in Q3 2024, resulting in an Adjusted EBITDA margin of 18.0%[46] - For the nine months ended September 30, 2025, total net sales were $2,081.5 million, a $69.6 million increase or 3.5% from the same period in 2024[38] Non-GAAP Measures - The company utilizes non-GAAP measures such as Adjusted EBITDA to assess ongoing operating performance, excluding certain nonrecurring items[39]