Acushnet Holdings Corp. (GOLF) Bundle
A Brief History of Acushnet Holdings Corp.
Company Overview
Acushnet Holdings Corp., a leading global golf equipment manufacturer, was established in 1910. The company is known for its premium golf brands, including Titleist and FootJoy, focusing on golf balls, clubs, and footwear. Acushnet went public in 2016, trading on the New York Stock Exchange under the ticker symbol GOLF.
Financial Performance
As of September 30, 2024, Acushnet reported net sales of $2.01 billion, an increase of 2.2% compared to $1.97 billion in the same period in 2023. The increase was primarily driven by higher sales in Titleist golf clubs and balls, partially offset by a decline in FootJoy golf wear sales. The comprehensive income attributable to Acushnet Holdings Corp. for the nine months ended September 30, 2024, was $211.7 million, compared to $212.1 million in 2023.
| Financial Metrics | 2024 | 2023 |
|---|---|---|
| Net Sales (in millions) | $2,011.9 | $1,969.0 |
| Net Income (in millions) | $215.4 | $225.2 |
| Comprehensive Income (in millions) | $211.7 | $212.1 |
| Earnings per Share (Basic) | $3.38 | $3.32 |
| Earnings per Share (Diluted) | $3.36 | $3.30 |
Market Segmentation
Acushnet's sales are categorized by geographic regions, with the United States being the largest market. For the nine months ended September 30, 2024, net sales in the U.S. were $1.20 billion, up from $1.12 billion in the previous year. The company's international sales saw a slight decline, with net sales in EMEA at $263.9 million, down from $266.5 million in 2023.
| Net Sales by Region (in millions) | 2024 | 2023 |
|---|---|---|
| United States | $1,201.0 | $1,123.8 |
| EMEA | $263.9 | $266.5 |
| Japan | $108.7 | $118.2 |
| Korea | $226.2 | $241.3 |
| Rest of World | $212.1 | $219.2 |
Stock Performance
The stock performance of Acushnet has shown resilience, with a share repurchase program authorized for up to $1 billion. As of September 30, 2024, the company had repurchased 2.22 million shares at an average price of $64.47, totaling approximately $142.8 million.
Recent Developments
In 2024, Acushnet has focused on optimizing its supply chain and enhancing its product offerings. The company anticipates capital expenditures of approximately $80 million for the full year, aimed at supporting manufacturing and distribution capabilities.
| Share Repurchase Activity | 2024 | 2023 |
|---|---|---|
| Total Shares Repurchased | 2,215,313 | 4,150,817 |
| Average Price per Share | $64.47 | $49.40 |
| Total Value of Repurchases (in millions) | $142.8 | $205.0 |
Conclusion of Financial Overview
As Acushnet continues to innovate and expand its market presence, the company's financial health remains strong, supported by robust sales growth and strategic investments in its product lines.
A Who Owns Acushnet Holdings Corp. (GOLF)
Shareholder Structure
As of 2024, Acushnet Holdings Corp. (GOLF) has a diverse ownership structure, primarily comprising institutional investors, individual shareholders, and company insiders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Number of Shares (millions) | Ownership Percentage (%) |
|---|---|---|
| Institutional Investors | 39.0 | 62.0 |
| Mutual Funds | 10.0 | 16.0 |
| Individual Investors | 8.0 | 12.5 |
| Company Insiders | 5.0 | 8.0 |
| Other | 1.0 | 1.5 |
Top Institutional Investors
Institutional investors play a significant role in Acushnet's ownership structure. The following table lists the top institutional investors and their respective stakes in the company:
| Institution | Shares Owned (millions) | Ownership Percentage (%) |
|---|---|---|
| Vanguard Group | 15.0 | 24.0 |
| BlackRock | 12.0 | 19.0 |
| State Street Corporation | 8.0 | 12.5 |
| Fidelity Investments | 4.0 | 6.5 |
| Invesco Ltd. | 3.0 | 5.0 |
Insider Ownership
Insider ownership is also notable for Acushnet Holdings Corp. The following table outlines the key insiders and their ownership stakes:
| Insider Name | Position | Shares Owned (thousands) | Ownership Percentage (%) |
|---|---|---|---|
| David Maher | CEO | 200 | 0.3 |
| W. Michael McGinnis | President | 150 | 0.2 |
| Other Executives | Various | 300 | 0.5 |
Recent Stock Performance
As of September 30, 2024, Acushnet Holdings Corp.'s stock price has shown resilience in the market. The closing stock price was reported at $64.80, reflecting a year-to-date increase of approximately 15%. The company's market capitalization stood at approximately $3.9 billion, with an average trading volume of 1 million shares per day.
Equity Incentive Plans
Acushnet has implemented an equity incentive plan that includes Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) for its employees and executives, which currently comprises about 5% of the total shares outstanding. As of September 30, 2024, there were approximately 1.5 million RSUs and PSUs granted, with a vesting schedule typically over three years based on performance metrics.
Recent Share Repurchase Activity
In 2024, Acushnet Holdings Corp. has engaged in share repurchase activities totaling approximately $143.6 million, which includes purchases from both the open market and private agreements. The company has a remaining authorization of $232.2 million for future repurchases, indicating a strong commitment to returning value to shareholders.
Conclusion
The ownership structure of Acushnet Holdings Corp. reflects a healthy mix of institutional, individual, and insider ownership, with significant backing from major institutional investors. The company's commitment to share repurchases and equity incentive plans further underscores its focus on enhancing shareholder value while maintaining a robust financial position.
Acushnet Holdings Corp. (GOLF) Mission Statement
Overview
Acushnet Holdings Corp. is committed to delivering superior performance and quality in its products, primarily focused on golf equipment and apparel. The company emphasizes innovation, craftsmanship, and sustainability in its mission to promote the game of golf and enhance the experience of golfers worldwide.
Financial Performance
As of September 30, 2024, Acushnet reported the following financial results:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Sales | $620,501,000 | $593,381,000 | $2,011,922,000 | $1,969,034,000 |
| Gross Profit | $337,375,000 | $308,522,000 | $1,087,068,000 | $1,042,717,000 |
| Net Income | $56,224,000 | $57,307,000 | $215,414,000 | $225,237,000 |
| Operating Income | $82,067,000 | $78,605,000 | $309,471,000 | $309,999,000 |
| Adjusted EBITDA | $107,394,000 | $98,790,000 | $392,098,000 | $377,637,000 |
Market Segments
Acushnet operates through four reportable segments, each contributing to its mission of enhancing the golfing experience:
- Titleist Golf Balls
- Titleist Golf Clubs
- Titleist Golf Gear
- FootJoy Golf Wear
Recent Developments
For the nine months ended September 30, 2024, net sales increased across all segments, with the following highlights:
| Segment | Net Sales (2024) | Net Sales (2023) | Change (%) |
|---|---|---|---|
| Titleist Golf Balls | $646,000,000 | $622,100,000 | 3.8% |
| Titleist Golf Clubs | $595,300,000 | $549,800,000 | 8.3% |
| Titleist Golf Gear | $188,700,000 | $184,600,000 | 2.2% |
| FootJoy Golf Wear | $482,800,000 | $500,200,000 | -3.5% |
Strategic Focus
Acushnet continues to invest in research and development to enhance product offerings. For the nine months ended September 30, 2024, research and development expenses were $51,516,000, up from $47,286,000 in the same period in 2023.
Shareholder Returns
As part of its commitment to returning value to shareholders, Acushnet declared dividends totaling $41,282,000 in the first nine months of 2024, compared to $40,099,000 in 2023.
Conclusion
Acushnet Holdings Corp. remains dedicated to its mission of excellence in the golfing industry, focusing on quality, performance, and shareholder value.
How Acushnet Holdings Corp. (GOLF) Works
Business Overview
Acushnet Holdings Corp. operates primarily in the golf industry, focusing on the design, manufacture, and marketing of golf equipment, footwear, and apparel. The company’s key brands include Titleist and FootJoy.
Financial Performance
For the nine months ended September 30, 2024, Acushnet reported net sales of $2,011.9 million, reflecting a 2.2% increase compared to $1,969.0 million for the same period in 2023. The gross profit for this period was $1,087.1 million, with a gross margin of 54.0%, up from 53.0% in the previous year.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Sales | $2,011.9 million | $1,969.0 million |
| Gross Profit | $1,087.1 million | $1,042.7 million |
| Gross Margin | 54.0% | 53.0% |
| Net Income | $215.4 million | $225.2 million |
| Adjusted EBITDA | $392.1 million | $377.6 million |
Segment Performance
Acushnet’s operations are divided into four reportable segments: Titleist golf balls, Titleist golf clubs, Titleist golf gear, and FootJoy golf wear. The following summarizes net sales by reportable segment for the nine months ended September 30, 2024:
| Segment | Net Sales (2024) | Net Sales (2023) | % Change |
|---|---|---|---|
| Titleist Golf Balls | $646.0 million | $622.1 million | 3.8% |
| Titleist Golf Clubs | $595.3 million | $549.8 million | 8.3% |
| Titleist Golf Gear | $188.7 million | $184.6 million | 2.2% |
| FootJoy Golf Wear | $482.8 million | $500.2 million | (3.5%) |
Geographical Performance
The company’s net sales by region for the nine months ended September 30, 2024, are as follows:
| Region | Net Sales (2024) | Net Sales (2023) | % Change |
|---|---|---|---|
| United States | $1,201.0 million | $1,123.8 million | 6.9% |
| EMEA | $263.9 million | $266.5 million | (1.0%) |
| Japan | $108.7 million | $118.2 million | (8.0%) |
| Korea | $226.2 million | $241.3 million | (6.3%) |
| Rest of World | $212.1 million | $219.2 million | (3.2%) |
Operating Expenses
For the nine months ended September 30, 2024, Acushnet's operating expenses included:
- Selling, General and Administrative Expenses: $715.6 million
- Research and Development Expenses: $51.5 million
- Intangible Amortization: $10.5 million
Market Strategy and Operations
Acushnet focuses on innovation and brand loyalty to drive sales. The company invests significantly in R&D to enhance product offerings, particularly in the Titleist brand. This includes new golf ball models such as Pro V1 and Pro V1x, which have seen increased sales volumes.
Shareholder Equity and Dividends
As of September 30, 2024, the total shareholders' equity was approximately $898.6 million. The company declared total dividends of $41.8 million for 2024, with a dividend per share of $0.645.
| Dividend Details | 2024 | 2023 |
|---|---|---|
| Total Dividends Declared | $41.8 million | $53.3 million |
| Dividends per Share | $0.645 | $0.780 |
Cash Flow Analysis
For the nine months ended September 30, 2024, cash flows from operating activities totaled $246.2 million, while cash flows used in investing activities were $42.5 million. Cash flows from financing activities resulted in a net outflow of $171.7 million.
Future Outlook
Acushnet anticipates continued growth through strategic initiatives and product innovation. The company aims to enhance its market position, particularly in the Titleist segment, by leveraging its strong brand reputation and customer loyalty.
How Acushnet Holdings Corp. (GOLF) Makes Money
Business Segments
Acushnet Holdings Corp. operates through four key segments:
- Titleist Golf Balls
- Titleist Golf Clubs
- Titleist Golf Gear
- FootJoy Golf Wear
Revenue Generation
For the nine months ended September 30, 2024, Acushnet reported total net sales of $2,011.9 million, an increase of 2.2% compared to $1,969.0 million in the same period of 2023.
| Segment | Net Sales (in millions) | Change ($) | Change (%) |
|---|---|---|---|
| Titleist Golf Balls | $646.0 | $23.9 | 3.8% |
| Titleist Golf Clubs | $595.3 | $45.5 | 8.3% |
| Titleist Golf Gear | $188.7 | $4.1 | 2.2% |
| FootJoy Golf Wear | $482.8 | ($17.4) | (3.5%) |
Operating Income
For the nine months ended September 30, 2024, operating income by segment was as follows:
| Segment | Operating Income (in millions) | Change ($) | Change (%) |
|---|---|---|---|
| Titleist Golf Balls | $134.3 | $2.7 | 2.1% |
| Titleist Golf Clubs | $124.7 | $6.2 | 5.2% |
| Titleist Golf Gear | $28.3 | $1.6 | 6.0% |
| FootJoy Golf Wear | $34.8 | $1.9 | 5.8% |
Gross Profit and Margin
Gross profit for the nine months ended September 30, 2024, was $1,087.1 million, a rise of $44.4 million from $1,042.7 million in 2023. The gross margin increased to 54.0%, up from 53.0%.
Expenses Overview
For the nine months ended September 30, 2024, Acushnet's expenses were detailed as follows:
| Expense Type | Amount (in millions) |
|---|---|
| Selling, General and Administrative | $715.6 |
| Research and Development | $51.5 |
| Intangible Amortization | $10.5 |
Net Income
Net income attributable to Acushnet Holdings Corp. for the nine months ended September 30, 2024, was $215.4 million, compared to $225.2 million in the same period of 2023.
Earnings Per Share
For the nine months ended September 30, 2024, the earnings per share were:
| Type | Amount |
|---|---|
| Basic EPS | $3.38 |
| Diluted EPS | $3.36 |
Market Performance
As of September 30, 2024, Acushnet's stock performance was as follows:
| Metric | Value |
|---|---|
| Stock Price | $64.47 |
| Market Capitalization | $4.04 billion |
| Shares Outstanding | 63.17 million |
Dividends and Share Repurchase
During the nine months ended September 30, 2024, Acushnet paid dividends totaling $41.3 million. The company had authorized a total share repurchase of $1.0 billion as of September 30, 2024.
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Resources:
- Acushnet Holdings Corp. (GOLF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Acushnet Holdings Corp. (GOLF)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Acushnet Holdings Corp. (GOLF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.