By Connor Hart

Shares of Titleist parent Acushnet Holdings hit an all-time high after the company reported higher-than-expected earnings, helped by increased sales of golf clubs and gear, and raised its full-year adjusted earnings outlook.

The stock was up 16% to $73.54 on Thursday, having retreated slightly from a high of $76.38 earlier in the day. Shares, which are on pace for their largest percent increase in more than three years, have gained 16% so far this year.

Before the bell, the company posted third-quarter net income of $56.2 million, or 89 cents a share, compared with $57.3 million, or 85 cents a share, a year earlier. Analysts surveyed by FactSet expected per-share earnings of 79 cents.

Revenue rose 4.6% to $620.5 million, in line with the estimates of analysts polled by FactSet.

Titleist golf club sales were up 18% from last year, as higher sales volumes of its GT drivers and fairways more than offset fewer sales of its T-Series irons. Sales of Titleist golf gear were up 12% year-over-year, primarily due to golfers buying more travel and golf bags, the company said.

Also on Thursday, Acushnet backed its full-year revenue outlook, expecting sales between $2.45 billion and $2.5 billion, the midpoint of which is slightly above the $2.46 billion that analysts polled by FactSet expect.

The company raised the floor or its adjusted earnings before interest, taxes, depreciation and amortization outlook by $10 million, to between $395 million and $405 million, the midpoint of which is in line with analyst expectations.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 07, 2024 13:23 ET (18:23 GMT)

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