Acushnet Holdings Corp.(GOLF) 2023 Earnings Summary
Bullish Points:
1. Net sales for the six months ended June 30, 2023, increased to $1,375,653,000 compared to $1,264,686,000 in the same period in 2022.
2. Gross profit for the six months ended June 30, 2023, increased to $734,195,000 compared to $660,605,000 in the same period in 2022.
3. Net income attributable to Acushnet Holdings Corp. for the six months ended June 30, 2023, increased to $167,930,000 compared to $147,499,000 in the same period in 2022.
4. Total assets as of June 30, 2023, increased to $2,330,928,000 compared to $2,193,807,000 as of June 30, 2022.
5. Total shareholders' equity as of June 30, 2023, increased to $1,055,217,000 compared to $976,703,000 as of June 30, 2022.
6. Net sales increased by 4.7% (6.4% on a constant currency basis) compared to the same period last year, driven by higher sales volumes in Titleist golf balls and Titleist golf clubs, partially offset by lower sales volumes in FootJoy golf wear.
Bearish Points:
1. Total liabilities as of June 30, 2023, increased to $1,268,023,000 compared to $1,210,441,000 as of June 30, 2022.
2. FootJoy golf wear segment: Net sales decreased 11.1% (9.5% on a constant currency basis) for the three months ended June 30, 2023 compared to the same period in 2022, primarily due to lower sales volumes in footwear, partially offset by higher sales volumes in apparel.
3. Interest expense, net increased by $8.8 million, primarily due to an increase in borrowings and interest rates.
4. Income tax expense increased by $4.6 million, with the effective tax rate at 21.8% compared to 19.1% in the same period last year, primarily driven by changes in the jurisdictional mix of earnings.
In summary, Acushnet Holdings Corp. (GOLF) has shown positive growth in net sales, gross profit, net income, total assets, and shareholders' equity for the six months ended June 30, 2023. However, there are concerns regarding increased liabilities, decreased net sales in the FootJoy golf wear segment, and increased interest and income tax expenses. For more information, you can read the original text of Acushnet Holdings Corp.'s financial report: https://www.sec.gov/Archives/edgar/data/1672013/000167201323000063/golf-20230630.htm
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