GOLF - Golf read: Acushnet moves to new high after earnings topper
2023-08-03 14:36:51 ET
Acushnet Holdings ( NYSE: GOLF ) beat consensus estimates on Thursday with its Q2 earnings report , which featured 4.7% revenue growth and a 12.3% increase in net income. Notably, adjusted EBITDA increased 24% year-over-year.
"We are pleased with golfer response to our latest product launches, especially new Pro V1 golf balls and TSR drivers. Recent Major wins by Titleist and FootJoy brand ambassadors Wyndham Clark and Brian Harman at the U.S. Open and Open Championship help to validate our product performance stories while generating positive energy for our brands," updated Acushnet CEO David Maher.
The overall read on the golf industry from Jefferies is still strong. "Although the sport of golf benefited from the pandemic, unlike other beneficiaries, the upward trend in golf participation has shown resilience and a promising LT outlook," noted analyst Randal Konik. He pointed out that April marked the opening of the golf season and Q2 data suggests notable momentum. Rounds played saw an increase of ~6% in June, preceded by a ~10% rise in May, and ~8% increase in April. Web traffic to golf OEMs and retailers also demonstrated substantial growth during the quarter.
Shares of Acushnet moved ( GOLF ) to a new 52-week high of $61.98 early on Thursday before cooling off and showing a 0.29% decline for the day at 2:20 p.m.
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Golf read: Acushnet moves to new high after earnings topper