Acushnet Co. posts $65.4M profit in Q2

FAIRHAVEN – Golf equipment and apparel maker Acushnet Co. posted an increase in operating profit, led by sales of its Titleist golf balls and FootJoy shoes, parent company Fortune Brands announced Friday.

Acushnet Co. posted an operating profit of $65.4 million in the three months ending June 30, a year-over-year increase of 50 percent from $43.6 million. Net sales for the second quarter rose 6.4 percent to $389.3 million while comparable net sales rose 8 percent after currency and other adjustments.

Fortune Brands posted an overall profit of $227.4 million, or $1.48 per diluted share, in the second quarter, compared with a profit of $99.8 million, or 66 cents per diluted share, a year earlier. Revenue rose 9.1 percent to $1.9 billion.

“Each of our three brand groups grew sales faster than our markets, delivered high operating margins at or near the top of our consumer segments, and outperformed our expectations in the quarter,” said Fortune Brands chairman and CEO Bruce Carbonari. “Strong growth in international markets and double-digit sales gains for the Titleist Pro V1 golf ball and FootJoy shoes helped drive our performance in golf.”

The year-over-year increase in net income was also attributed to gains of 7 cents per share from the sale of the Cobra golf brand to Puma AG.

Based on second quarter results, the company raised its full-year earnings estimate to be between $2.60 and $2.90 per share, up from the original range of $2.50 to $2.80.

Additional information is available at www.fortunebrands.com.