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Monday, May 27, 2024

Callaway Raises Outlook Behind Golf Boom

  • Callaway Golf raised its full-year revenue guidance after a strong Q3 2021.
  • The company generated $856 million in revenue during the quarter.
callaway_club_next_to_callaway_ball
Callaway/Design: Alex Brooks

Callaway Golf raised its full-year revenue guidance following Wednesday’s third-quarter earnings report.

The company generated $856 million in revenue in Q3 2021, an 80% increase compared to the same period last year. Callaway expects full-year revenue to range between $3.11 billion and $3.12 billion, up from a previous target between $3.06 billion and $3.09 billion.

Callaway’s third-quarter results were driven by high demand for the company’s golf equipment and apparel amid a booming U.S. golf market.

  • Golf equipment brought in $290 million in revenue, compared to $276 million in Q3 2020.
  • The apparel segment reported $233 million in revenue, up $25 million year-over-year.

In March, Callaway merged with Topgolf. Callaway already owned a 14% stake in Topgolf and paid $2.66 billion in stock to acquire the rest of the company.

The investment has paid off, with Topgolf generating $334 million in revenue during Q3 due to strong walk-in traffic and better-than-expected event bookings.

Last week, Callaway completed a $30 million investment in Five Iron Golf, an indoor golf and entertainment company. Launched in 2017, Five Iron has nine domestic venues and one in Singapore.

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