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Acushnet Holdings Corp (NYSE: GOLF) shares were soaring over 14 percent Friday following the company’s third-quarter earnings release, Acushnet’s first release since becoming a public company in October.
Acushnet, the parent company of golf-staple Titleist, delivered third-quarter revenues of $332.25 million.
“Despite ongoing softness in the US golf economy and negative impact of Golfsmith bankruptcy, local currency growth in Korea, Japan and EMEA was strong and above expectations,” said Deutsche Bank.
Consolidation Within The Space
The golf industry is going through a considerable state of consolidation, on both the equipment side and the sporting goods retailer side. Bankruptcies from Golfsmith and Sports Authority certainly have affected manufacturers, but this is likely has already played out. Dicks Sporting Goods Inc (NYSE: DKS) has emerged as the true winner in sporting goods retail.
Equipment manufacturers are also consolidating. Nike Inc (NYSE: NKE) is leaving the golf equipment business and adidas AG(ADR) (OTC: ADDYY) selling its golf segment, including TaylorMade.
A Look Forward
The future is becoming clearer in golf, with the big four manufacturers Callaway Golf Co (NYSE: ELY), Titleist, TaylorMade and Ping.
“[The] Company didn’t and likely won't provide guidance but we expect low single digit organic growth until golf rounds played improves but believe Titleist and FootJoy brands will continue to consolidate share,” added Deutsche Bank of Acushnet.
Golf rounds have increased 50 basis points in 2016, down from a 1.5 percent increase in 2015.
Titleist also will release its latest Pro V1 golf ball model in October. The Pro V1 revolutionized the game and is still going strong 15 years after its first launch.
“International growth opportunity remains compelling, especially in developed Asia. Initial orders of new 917 drivers are promising and should help 4Q growth,” said Deutsche Bank.
Deutsche Bank maintains a Hold rating with a $20 price target.
Acushnet shares were trading up 14.05 percent at $22 at last check.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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