Acushnet Holdings (GOLF) FY2018 results: revenue $1.6 billion, up 4.7% on the year
Acushnet Holdings Corp. (GOLF) reported revenue of $1.6 billion for fiscal 2018, the year ended 31 December 2018, up 4.7% on the year before. Net income was $100 million, up 1.2%, and diluted earnings per share $1.32. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$1.6 billion
+4.7% on the year
FY2014FY2018
Operating margin
10.5%
10.9% a year earlier
FY2014FY2018
Net income
$100 million
+1.2% on the year
FY2014FY2018
Diluted EPS
$1.32
0.0% on the year
FY2014FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,634
1,560
1,572
+4.7%
Cost of revenue
791
758
773
+4.3%
Gross profit
842
801
799
+5.2%
Gross margin
51.6%
51.3%
50.8%
Research and development
51.5
47.2
48.1
+9.0%
Selling, general and administrative
612
578
601
+5.8%
Operating income
172
170
143
+1.5%
Operating margin
10.5%
10.9%
9.1%
Interest expense
n/a
n/a
49.9
Pre-tax income
150
152
165
-0.9%
Income tax
47.2
48.5
39.7
-2.6%
Effective tax rate
31.4%
32.0%
24.0%
Net income
99.9
98.7
45.0
+1.2%
Net margin
6.1%
6.3%
2.9%
Diluted EPS
$1.32
$1.32
$0.62
0.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
164
-27.0
104
Capital expenditure
32.8
18.8
19.2
+74.1%
Free cash flow
131
-45.9
85.1
Free cash flow margin
8.0%
-2.9%
5.4%
Cash from investing
-49.7
-18.8
-19.2
Cash from financing
-129
9.3
-62.7
Depreciation and amortisation
40.5
40.9
40.8
-0.9%
Share-based compensation
18.6
15.3
14.5
+21.4%
Buybacks
0.0
0.0
n/a
Dividends paid
39.1
35.7
0.0
+9.3%
Dividend per share
$0.52
$0.48
$0.00
+8.3%
Diluted shares, weighted
75m
75m
64m
+1.2%
Shares outstanding at period end
75m
74m
74m
+0.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
895
821
736
+9.0%
Non-controlling interest
32.1
32.7
33.0
-1.7%
Redeemable equity
0.0
0.0
0.0
Short-term borrowings
0.9
n/a
n/a
Debt
385
464
410
-17.1%
Other liabilities
379
416
558
-8.9%
Total liabilities and equity
1,692
1,734
1,736
-2.4%
Fixed assets
228
229
240
-0.2%
Goodwill
210
203
197
+3.1%
Intangible assets
478
481
490
-0.6%
Cash and equivalents
31.0
47.7
76.1
-35.0%
Receivables
186
191
178
-2.5%
Inventory
361
364
323
-0.8%
Other assets
197
218
233
-9.6%
Total assets
1,692
1,734
1,736
-2.4%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.