Topgolf Callaway Manufacturers, whose portfolio of world golf manufacturers consists of Topgolf, Callaway Golf, TravisMathew, Toptracer, Odyssey and OGIO, has launched its monetary outcomes for the fourth quarter and full year-ending outcomes for 2024.
For the fourth quarter of 2024, Topgolf Callaway Manufacturers reported consolidated internet income progress of three% year-over-year, reaching $924 million. Regardless of a major non-cash impairment cost of $1,452 million associated to Topgolf’s goodwill and intangible belongings, the corporate noticed a forty five% enhance in Adjusted EBITDA to $101 million. The GAAP internet loss for the quarter was $1,512 million, primarily because of the impairment cost.
For the complete yr 2024, internet income decreased by 1.1% to $4,239 million. The corporate reported a GAAP loss from operations of $1,257 million, in comparison with an revenue from operations of $237 million in 2023. Adjusted EBITDA for the yr decreased by 1.5% to $587 million.
Topgolf Callaway Manufacturers noticed various efficiency throughout its segments, with revenues at Topgolf remaining flat at $439 million for This fall, with a decline in similar venue gross sales offset by income from new venues. For the complete yr, income elevated by 2.7% to $1,809 million.
Income for gear manufacturers Callaway and Odyssey elevated by 12.7% to $224 million in This fall, pushed by sturdy gross sales within the membership and ball sectors. Full yr income barely decreased by 0.4% to $1,382 million.
The corporate highlighted a number of strategic initiatives, together with a continued deal with enhancing similar venue gross sales at Topgolf, and plans to pursue a separation of the Topgolf enterprise, with anticipated one-time separation prices of roughly $50 million.
Commenting on the outcomes, Chip Brewer, President and CEO of Topgolf Callaway Manufacturers, stated: “We’re happy with our sturdy end to the yr with fourth quarter income, adjusted EBITDA, and adjusted free money circulation exceeding expectations.”
He additionally acknowledged the ‘short-term headwinds’, together with international forex change charges and value pressures, however remained assured within the firm’s potential to navigate these challenges and return to progress.
The corporate’s share worth closed at $6.80 following the information of the outcomes and 2025 forecasts, down from a excessive of $16.29 in July final yr.
