Shares of Acushnet Holdings Corp. (NYSE: GOLF), the maker of Titleist golf balls and clubs, soared 8.64% in pre-market trading on Wednesday after the company reported better-than-expected third-quarter earnings and raised its full-year guidance.

Acushnet reported Q3 2024 net income of $56.2 million, or $0.89 per diluted share, surpassing analysts' consensus estimate of $0.79 EPS. Revenue for the quarter came in at $620.5 million, marginally higher than the $620.4 million expected by Wall Street. The company's gross margin expanded by 2.4 percentage points year-over-year to 54.4%.

Looking ahead, Acushnet raised its full-year 2024 revenue outlook to a range of $2.45 billion to $2.5 billion, up from its previous guidance of $2.43 billion to $2.48 billion. The company now expects full-year adjusted EBITDA between $395 million and $405 million, compared to the prior range of $385 million to $400 million. Analysts on average were projecting fiscal 2024 revenue of $2.46 billion.

Acushnet, whose flagship brands include Titleist golf balls and clubs as well as FootJoy apparel, has benefited from steady demand for golf equipment and apparel. The company's revenues grew 4.6% year-over-year in Q3, driven by strong sales of Titleist golf balls and clubs. However, its FootJoy segment recorded a 4.1% decline in sales over the past two years.