Acushnet Holdings Corp, owner of the Titleist, FootJoy and KJUS brands, has reported net global sales of $2.27bn for 2022, up 5.7% on figures for 2021, as the post-pandemic golf boom continues to have a positive uptick across the industry.
“As we continue to build momentum across our brands, we are pleased to report the Acushnet team delivered another strong year in 2022, including healthy acceleration in Q4,” said David Maher, Acushnet’s President and Chief Executive Officer. “The Company’s commitment to product development, manufacturing and supply chain excellence contributed to growth across all segments and regions, leading to an 11% constant currency sales increase in 2022.” Mr. Maher continued, “Titleist golf balls continue to be the overwhelming choice of PGA and LPGA Tour players, and Pro V1 golf balls were the winning choice of all four men’s Major Champions in 2022. We are pleased with our ability to grow sales in this segment despite raw material availability challenges during the year. Double digit sales growth in our Titleist golf club, Titleist gear and FootJoy golf wear segments was driven by a wide range of innovative new products, including new TSR drivers that quickly became the most played model on the PGA Tour.
“We are encouraged by healthy golf industry fundamentals, with the U.S. golfer population increasing again in 2022 and with similar trends in key regions outside the U.S. Looking ahead to 2023, we expect to continue our story of growth across all brands and regions, fueled by an exciting line up of new product launches. Our new Pro V1 and Pro V1x models are the next generation of the most trusted golf balls in the game. TSR drivers and fairways are off to a great start in the market and Scotty Cameron Super Select putters will launch later this month. FootJoy, Titleist gear and KJUS will all feature product updates and exciting new innovation stories in 2023.
2023 Outlook
The Company expects full year consolidated net sales to be approximately $2,325 to $2,375 million and Adjusted EBITDA to be approximately $345 to $365 million. On a constant currency basis, consolidated net sales are expected to be in the range of up 5.0% to up 7.2%. The Company’s outlook assumes no significant worsening of the COVID-19 pandemic, additional supply chain disruptions or changes in the impact of foreign currency
