Why did GOLF's Q2 2024 EPS fall short of forecasts?

The EPS of Acushnet Holdings Corp. (GOLF) fell short of forecasts in Q2 2024 due to a combination of factors: 1. **Soft Performance in International Markets**: Acushnet faced challenges in its international markets, with Europe experiencing a high single-digit decline in rounds of golf due to poor weather conditions. This regional slowdown negatively impacted sales, particularly in the FootJoy footwear and apparel segments. 2. **Increased Operational Costs**: The company incurred higher operational costs, which were partially offset by reductions in A&P expenses. These increased costs likely contributed to the shortfall in EPS. 3. **Revenue Growth Slowdown**: There was an expectation that Acushnet's revenue growth would slow down substantially by the end of 2024, with annualized revenues expected to show only 5.5% growth. This was a departure from the historical growth rate of 10.0% over the past five years. The slowdown in revenue growth likely led to a decrease in profitability, resulting in the EPS falling short of forecasts. In summary, the combination of soft performance in international markets, increased operational costs, and a slowdown in revenue growth contributed to the EPS shortfall in Q2 2024.