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Acushnet
🇺🇸 NYSE:GOLF
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Mar 31, 2023

Acushnet Q1 2023 Earnings Report

Acushnet reported first quarter results with net sales up 13.2% year over year and net income attributable to Acushnet Holdings Corp. up 15.2% year over year.

Key Takeaways

Acushnet Holdings Corp. reported a strong first quarter with net sales of $686.3 million, a 13.2% increase year-over-year, and net income attributable to Acushnet Holdings Corp. of $93.3 million, a 15.2% increase year-over-year. Adjusted EBITDA was $146.8 million, up 22.3% year over year.

Net sales increased by 13.2% year over year, or 17.2% on a constant currency basis.

Net income attributable to Acushnet Holdings Corp. increased 15.2% year over year.

Adjusted EBITDA increased by 22.3% year over year.

The company affirms its full year outlook and expects full year consolidated net sales to be approximately $2,325 to $2,375 million and Adjusted EBITDA to be approximately $345 to $365 million.

Total Revenue
$686M
Previous year: $606M
+13.2%
EPS
$1.36
Previous year: $1.1
+23.6%
Adjusted EBITDA Margin
21.4%
Previous year: 19.8%
+8.1%
Gross Profit
$366M
Previous year: $317M
+15.4%
Cash and Equivalents
$57.3M
Previous year: $114M
-49.9%
Free Cash Flow
-$98.1M
Previous year: -$176M
-44.2%
Total Assets
$2.45B
Previous year: $2.09B
+17.6%

Acushnet

Acushnet

Acushnet Revenue by Segment

Acushnet Revenue by Geographic Location

Forward Guidance

The Company affirms its full year outlook and expects full year consolidated net sales to be approximately $2,325 to $2,375 million and Adjusted EBITDA to be approximately $345 to $365 million. On a constant currency basis, consolidated net sales are expected to be in the range of up 5.0% to up 7.2%.

Positive Outlook

  • Expects full year consolidated net sales to be approximately $2,325 to $2,375 million.
  • Expects Adjusted EBITDA to be approximately $345 to $365 million.
  • On a constant currency basis, consolidated net sales are expected to be in the range of up 5.0% to up 7.2%.
  • The Company's outlook assumes no additional supply chain disruptions
  • The Company's outlook assumes no changes in the impact of foreign currency.

Challenges Ahead

  • A reduction in the number of rounds of golf played or in the number of golf participants
  • Unfavorable weather conditions may impact the number of playable days and rounds played in a given year
  • Consumer spending habits and macroeconomic factors may affect the number of rounds of golf played and related spending on golf products
  • Demographic factors may affect the number of golf participants and related spending on our products
  • Changes to the Rules of Golf with respect to equipment

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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