Acushnet Co., the golf products division of Fortune Brands Inc., said that in the last three months operating income declined by 2.5% to $43.3 million from $44.4 million a year earlier.
Fortune Brands, the company behind consumer brands including Jim Beam bourbon, Titleist golf balls and Moen faucets, said it is now targeting the fourth quarter to complete the previously-announced separation of its three businesses.
Fortune wishes to focus on its distilled spirits division and will operate as Beam Inc. after the split up.
“Acushnet sales achieved a first quarter record as successful new products drove strong growth in each product category. Sales for the Titleist brand were sharply higher on very strong initial demand for the new Pro V1 golf balls and 910 metals, while sales of the new DryJoys Tour golf shoes, as well as gloves and performance outerwear, drove robust growth for FootJoy,” said Bruce Carbonari, chairman and CEO of Fortune Brands.
The golf unit’s net sales increased 4.7% to $370.1 million from $353.6 million.
Acushnet Co www.acushnetcompany.com