Second quarter net income at the Titleist parent increased 6% to $75,563,000 from $71,428,000 on 5% better revenues of $720,476,000, up from $683,867,000, that were 3% higher constant currency. Gross margin increased by 40 basis points to 49.2%, despite a $5 million negative impact from tariffs. SG&A was 7% higher in dollars, in part due to a voluntary early retirement program that cost $6.4 million in Q2 and is about halfway complete. Inventory increased 11% year-over-year to $533.7 million.

Equipment sales increased 7% to $453.8 million, including 6% higher ball sales to ... Log in to view full article.