Acushnet Holdings (GOLF) Q1 FY2024 earnings: revenue $708 million, up 3.1% on the year

Acushnet Holdings Corp. (GOLF) reported revenue of $708 million for Q1 FY2024, the quarter ended 31 March 2024, up 3.1% on the same quarter a year earlier. Net income was $88 million, down 5.9% on the year, and diluted earnings per share $1.35. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2024.

Revenue$708 millionup 3.1%

Net income$88 milliondown 5.9%

Diluted EPS$1.35

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	708	413	n/a	n/a
Cost of revenue	365	203	n/a	n/a
Gross profit	342	210	n/a	n/a
Gross margin	48.4%	50.8%	n/a
Research and development	16.5	17.6	n/a	n/a
Selling, general and administrative	201	213	n/a	n/a
Operating income	121	-24.7	n/a	n/a
Operating margin	17.2%	-6.0%	n/a
Pre-tax income	108	-36.2	n/a	n/a
Income tax	23.4	-9.7	n/a	n/a
Effective tax rate	21.7%	n/a	n/a
Net income	87.8	-26.8	n/a	n/a
Net margin	12.4%	-6.5%	n/a
Diluted EPS	$1.35	-$0.41	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-110	74.9	n/a	n/a
Capital expenditure	7.3	32.9	n/a	n/a
Free cash flow	-117	42.0	n/a	n/a
Free cash flow margin	-16.5%	10.2%	n/a
Cash from investing	-7.3	-32.9	n/a	n/a
Cash from financing	102	-35.5	n/a	n/a
Depreciation and amortisation	13.8	13.2	n/a	n/a
Share-based compensation	7.4	8.3	n/a	n/a
Buybacks	33.3	129	n/a	n/a
Dividends paid	14.6	12.4	n/a	n/a
Dividend per share	$0.21	$0.20	n/a	n/a
Diluted shares, weighted	65m	65m	n/a	n/a
Shares outstanding at period end	63m	63m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	884	864	n/a	n/a
Non-controlling interest	35.7	38.9	n/a	n/a
Redeemable equity	9.6	9.8	n/a	n/a
Short-term borrowings	30.5	29.0	n/a	n/a
Debt	833	677	n/a	n/a
Operating lease liabilities	n/a	73.3	n/a	n/a
Finance lease liabilities	n/a	1.5	n/a	n/a
Other liabilities	564	503	n/a	n/a
Total liabilities and equity	2,357	2,197	n/a	n/a
Goodwill	223	225	n/a	n/a
Intangible assets	534	537	n/a	n/a
Cash and equivalents	48.7	65.4	n/a	n/a
Receivables	465	201	n/a	n/a
Inventory	537	616	n/a	n/a
Other assets	549	552	n/a	n/a
Total assets	2,357	2,197	n/a	n/a

Questions

What was Acushnet Holdings' revenue in Q1 FY2024?

Acushnet Holdings (GOLF) reported revenue of $708 million for Q1 FY2024, the quarter ended 31 March 2024, up 3.1% on the same quarter a year earlier.

How much did Acushnet Holdings earn in Q1 FY2024?

Net income for Q1 FY2024 was $88 million, down 5.9% on the year, and diluted earnings per share $1.35.

When did Acushnet Holdings report Q1 FY2024 results?

Acushnet Holdings filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 7 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	593	413	708	684	621	445	703	720	658	477	753	820
Cost of revenue	285	203	365	350	316	237	366	366	339	267	398	374
Gross profit	309	210	342	333	304	208	337	354	319	211	355	446
Gross margin	52%	51%	48%	49%	49%	47%	48%	49%	49%	44%	47%	54%
R&D	16.2	17.6	16.5	16.1	18.9	16.3	18.9	18.9	18.6	20.1	19.2	20.8
SG&A	210	213	201	208	200	193	200	222	205	206	214	246
Operating income	78.6	-24.7	121	106	82.1	-5.2	115	110	92.9	-17.9	120	177
Operating margin	13%	-6%	17%	16%	13%	-1%	16%	15%	14%	-4%	16%	22%
Pre-tax income	68.3	-36.2	108	91.4	68.5	-18.1	121	93.7	76.7	-51.4	105	164
Tax rate	16%	n/a	22%	23%	19%	n/a	18%	20%	37%	n/a	23%	24%
Net income	57.3	-26.8	87.8	71.4	56.2	-1.1	99.4	75.6	48.5	-34.9	81.4	125
Net margin	10%	-6%	12%	10%	9%	-0%	14%	10%	7%	-7%	11%	15%
Diluted EPS	$0.85	-$0.41	$1.35	$1.11	$0.89	$0.02	$1.62	$1.25	$0.81	-$0.58	$1.36	$2.08
Operating cash flow	177	74.9	-110	212	144	-1.1	-120	152	163	-0.3	-144	251
Capital expenditure	15.2	32.9	7.3	14.8	20.4	32.1	11.3	13.9	26.2	23.0	19.2	18.1
Free cash flow	162	42.0	-117	197	124	-33.2	-132	138	137	-23.3	-163	233
Buybacks	66.6	129	33.3	38.9	70.1	30.5	35.7	89.3	62.5	24.0	10.0	16.0
Dividends paid	12.7	12.4	14.6	13.4	13.2	13.0	14.8	13.8	13.8	13.7	15.9	14.9
Shares outstanding	65m	63m	63m	62m	61m	60m	59m	59m	59m	59m	59m	58m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 7 May 2024, accession 0001672013-24-000027: the filing on EDGAR. All of Acushnet Holdings Corp.'s filings: EDGAR company page.

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