Massachusetts-based Acushnet Holdings (NYSE: GOLF) found its shares down Friday, amid slightly disappointing first-quarter numbers.
Figures showed Q1 net sales of $433.6 million, down 1.4% year over year. First-quarter net income registered at $38.1 million, up $14.4 million – or 60.8% -- year over year, and first-quarter Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $78.5 million, down 0.9% year over year
Acushnet President and CEO Wally Uihlein, said, "So far in 2017, the global golf industry is in a good place. While the first few months of industry sell-in are always affected by items like weather patterns and retail trends, the outlook continues to be promising as the golf season gets underway around the world.”
The company reported a 2.9% increase in net sales of Titleist golf balls as a result of strong demand for the new Pro V1 and Pro V1x balls launched in the first quarter of 2017. There was also a report of an 11.7% decrease in net sales of Titleist golf clubs
Acushnet’s IPO lockup expired late in April, with experts warning a few weeks ago that the four firms and 24 individuals affected by the lockup hold 55 million shares, representing 75% of the total outstanding shares.
The company has been in the golf business since the 1930s, and has since grown into “the steward of two of the most revered brands in golf – Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wear brands.”
Shares in the company dipped 26 cents, or 1.3%, to $19.57 mid-morning Friday.
