Acushnet Q2 Earnings Call Highlights

Acushnet reported higher second-quarter sales and adjusted EBITDA, citing continued momentum in Titleist golf equipment, an accelerated launch of its GTS metals line and a benefit from tariff refunds. The company also raised its full-year outlook, though it expects second-half comparisons to be affected by the timing of golf-club shipments and preparation for a 2027 Pro V1 launch. Worldwide net sales rose 14% year over year to $820 million in the second quarter, while adjusted EBITDA increased 46% to $209 million. For the first six months of 2026, sales increased 10% to $1.57 billion and adjusted EBITDA rose 25% to $353 million, the company said. Second-quarter adjusted EBITDA included approximately $38 million in net refunds related to IEEPA tariffs, after accounting for the impact on incentive compensation. Excluding the net refund benefit, first-half adjusted EBITDA increased 12%, ahead of the company’s expectations for high-single-digit growth in sales and EBITDA during the period. Titleist Golf Equipment remained the primary growth driver. The segment grew 14% in the first half, with golf clubs up 43% in the second quarter and 24% for the first half. The growth was led by the launch of the GTS line of metals, which Acushnet moved from a planned third-quarter launch into the seasonally stronger second quarter. New Vokey Design SM11 wedges and Titleist irons also contributed to first-half growth. Titleist golf-ball revenue rose 6% in the first half, led by Pro V1 sales despite what Maher described as a challenging comparison with the prior-year product launch. He said Titleist golf balls had recorded 22 PGA Tour wins to date, 18 more than the nearest competitor. Golf Gear sales increased 6% in the first half, led by double-digit gains in Titleist gloves, bags and the Club Glove travel brand. FootJoy sales rose 3% in the second quarter and 1% in the first half, supported by footwear demand. The FootJoy business has been shifting toward premium-performance footwear franchises including Premiere, HyperFlex and Pro/SL, as well as a more premium apparel mix. FootJoy’s reported operating margin improved by about 100 basis points year over year in the first half. Normalizing for tariff refunds, he said the improvement was about 170 basis points. All regions posted constant-currency growth in the second quarter and first half. U.S. sales rose 15% in the quarter, while sales in Europe, the Middle East and Africa increased 12%. Japan sales rose 31%, Korea sales increased 7%, and rest-of-world sa...