FAIRHAVEN, Mass. (AP) _ Acushnet Holdings Corp. (GOLF) on Thursday reported first-quarter net income of $8.9 million.

The Fairhaven, Massachusetts-based company said it had net income of 12 cents per share. Earnings, adjusted for restructuring costs and non-recurring costs, came to 33 cents per share.

The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The golf products maker posted revenue of $408.7 million in the period, which also missed Street forecasts. Six analysts surveyed by Zacks expected $424.7 million.

Acushnet shares have dropped 16% since the beginning of the year. The stock has risen almost 5% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GOLF at https://www.zacks.com/ap/GOLF

Automated Insights, source Associated Press News