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Acushnet Holdings Corp (NYSE:GOLF) reported its Q4 results ahead of expectations. “Lack of catalysts keep us on the sidelines,” Imperial Capital’s George Kelly said in a report. He maintained an In-Line rating on the company, while reducing the price target from $20 to $19.
Acushnet reported revenue of $330 million and EBITDA of $38 million. Management guided to 2017 revenue and EBITDA of $1,565 million–$1,595 million and $220 million–$230 million, respectively.
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On The Sidelines For Now
Kelly mentioned the following reasons for remaining on the sidelines:
- Challenging to grow market share in the near term: The ball business already contributes 55 percent of the company’s business. The driver and iron segments could witness pressure in 2017 from Callaway Golf Co (NYSE:ELY) and PXG.
- 2016 growth benefitted from premium apparel: The company had launched a premium apparel business in Japan and Korea in 2016. This boosted revenue growth. Management does not seem ready to further expand the initiative, Kelly said.
- Higher input costs may exert pressure on margins: “We believe ball margin could be pressured as input costs increase from historically low commodity prices in 2015 and 2016,” the analyst wrote.
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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.