The Acushnet Company, parent of Titleist and FootJoy, this morning reported 2022 sales of $2.27 billion, an increase of nearly six percent versus 2021. The company reported earnings $199 million, a $20.4 million increase over 2022.
That 2022 sales number was bolstered by Q4 sales of $447 million, an 11 percent increase compared to ‘21. Acushnet’ reported a Q4 loss $100,000 compared to a loss of $26.4 million in Q4 of ‘21. The company attributed the increase in income from operations due to higher gross profit and lower operating expenses.
The company’s Titleist club division recorded the largest increase in 2022, with a 10.5 percent increase to $609.6 million. Titleist ball sales in ‘22 were $667 million, a nearly two percent increase over ‘21.
Club sales, according to the company, were driven primarily because of higher sales volumes in its new line of TSR drivers and fairways, each of which launched in the third quarter of 2022. The increase in ball sales was primarily due to higher average selling prices and higher volumes.
The company said it expects full year 2023 net sales to be in the range of $2.33 to $2.38 billion. That full year should include sales from Club Glove, the Acushnet Company acquired this past February for $25 million.
“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,” said Acushnet Company President David Maher. “Looking ahead to 2023, we expect to continue our story of growth across all brands and regions.”
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