GOLF - Acushnet Holdings stock swings higher on earnings beat raised guidance

Acushnet Holdings ( NYSE: GOLF ) accelerated on Thursday after posting a comfortable beat on earnings estimates and raising full year forecasts.

The Fairhaven, Massachusetts-based golf product distributor posted GAAP EPS of $0.91 for the first quarter, $0.18 above expectations. Meanwhile, a 5.4% jump in revenue to $658.6M beat estimates by $76.71M.

“Our supply chain is strengthening, particularly with respect to golf balls and golf clubs, and we are encouraged by our first half performance both in the marketplace and across golf’s pyramid of influence,” CEO David Maher said. “Given our strong sales performance in the first half we are raising our full year sales outlook, while maintaining our adjusted EBITDA guidance to reflect currency headwinds, higher freight costs, and investments we are making to expand distribution and custom fulfillment capabilities for apparel and gear products.”

The company now expects full-year consolidated net sales to be approximately $2.2B to $2.25B  versus the prior forecast of $2.175B to $2.225B. Analyst consensus stood at $2.21B prior to the earnings release.

Shares rose 5.93% in Thursday’s trading.

Elsewhere, the company declared an $0.18 per share quarterly dividend .

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