Titleist parent Acushnet reports sales, earning growths ahead of IPO

Ahead of tomorrow’s expected IPO, the Acushnet Company reported 2016 second half sales at $903 million with earnings of $54M versus sales of $853M and earnings of $36.6M the same period in 2015. The parent of Titleist and FootJoy brands said it expects 2106 Q3 sales to be between $330M and $332M, a 3.5 percent increase compared to Q3 of 2015.
ballAcushnet estimated its 2016 3Q sales in the U.S. were “relatively flat” when compared to the three months ended September 30, 2015, as sales increases in Titleist golf clubs and FootJoy golf wear were offset by a sales volume decrease in Titleist golf balls.

As part of an S1 filing with the SEC ahead of tomorrow’s expected IPO, the Acushnet Co., said it plans to “expand custom and limited edition product offerings’’ and launch a U.S. eCommerce website for Titleist golf gear in the second half of 2017.

Acushnet earlier this year recently launched a U.S. eCommerce website offering more than 6,000 SKUs across all FootJoy categories.

Tomorrow’s expected IPO could raise as much as $435 million for Acushnet, most of which will go to its parent Fila Korea Co.

The IPO price is expected to be between $21 and $24 per share. Doing the math at $22.50 per share, meaning Acushnet’s market cap would be $1.7B, or slightly more than 1x sales.


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