Topgolf Callaway reports Q3 EPS 2c, consensus (16c)

Reports Q3 revenue $1.013B, consensus $983.03M. “We are pleased to announce results that exceeded our expectations for Q3 amid a challenging macroeconomic backdrop,” commented Chip Brewer, President and Chief Executive Officer of Topgolf Callaway (MODG) Brands. “Topgolf performed consistent with our revenue expectations and continued to show strong venue profitability despite the challenging sales environment. This allows us to maintain Topgolf’s prior revenue guidance and raise its EBITDA outlook for the year. In our Golf Equipment segment, Callaway continues to lead, maintaining its overall #1 share in golf clubs and with 2024 trending to be the third consecutive year that Callaway has earned this top position. In our ball business, our strategic investments in this category and the rebranding of our premium golf ball line are delivering steady gains in both market share and manufacturing yield. Our U.S. golf ball market share established a new record level for the quarter. Meanwhile in Active Lifestyle both TravisMathew and Jack Wolfskin made progress towards their long-term business strategies. Furthermore, on the strategic front, we continue to believe that separating Topgolf from the core business will create shareholder value and we are fully engaged in this work.”