2023-05-04 09:45:34 ET
Acushnet Holdings ( NYSE: GOLF ) topped Q1 earnings estimates and reaffirmed full-year forecasts on Thursday.
For the first quarter, the Fairhaven, Massachusetts-based golf product provider posted GAAP EPS of $1.36, beating the Street consensus by $0.27. Meanwhile, a 13.2% jump in revenue year over year to $686.3M was $55.18M better than analysts had anticipated as Titleist balls, clubs, and gear all achieved double-digit sales growth.
“Our teams did great work executing new product launches and our double-digit top line growth in the quarter reflects the overall health of the Titleist, FootJoy and KJUS brands and the strength of our global supply chain,” CEO David Maher said. “Growth in Titleist golf balls was led by the successful launch of Pro V1 and Pro V1x models and gains in Titleist golf clubs were driven by the continued momentum of our TSR metalwood family. Both Titleist golf gear and FootJoy golf wear benefited from new product introductions and our enhanced supply chain and customization capabilities.”
He added that the company remains confident in continuing to grow sales throughout the remainder of 2023. Management expects net sales in the range of $2.325B to $2.375B against a consensus expectation of $2.35B. Adjusted EBITDA is expected to fall in a range between $345M and $365M.
“The Company's outlook assumes no additional supply chain disruptions or changes in the impact of foreign currency,” the earnings release clarifies.
Shares of Acushnet Holdings ( GOLF ) moved modestly higher early in Thursday's trading.
Read more on the earnings expectations for Acushnet in 2023 .
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Acushnet Holdings drives earnings beat, maintains full-year outlook