Topgolf Callaway Brands Delivers Strong Q4 2024 Performance
The sporting/entertainment company outpaced expectations, with a 27% surge
Carlsbad-based Topgolf Callaway Brands Corp. (NYSE: MODG) capped off 2024 with a solid fourth quarter, reporting 3% consolidated net revenue growth and a remarkable 45% increase in adjusted EBITDA to $101.4 million. The company also delivered a 27% surge in adjusted free cash flow, reaching $203 million. These results exceeded expectations, reinforcing the brand's leadership in golf equipment and lifestyle apparel while highlighting strong operational performance across its diverse portfolio.
'We are pleased with our strong finish to the year,' said Chip Brewer, President and CEO. 'Our Q4 results reflect continued strength in our Golf Equipment business, a robust finish for Topgolf, and successful operational efficiencies at Travis Mathew and Jack Wolfskin. As we move into 2025, our focus remains on improving same venue sales at Topgolf, launching innovative products and driving operational excellence. While we face some short-term headwinds, we are confident in our long-term strategy and ability to deliver significant shareholder value.'
However, the company's GAAP net results included a $1.5 million non-cash impairment charge related to Topgolf's goodwill and intangible assets, leading to a GAAP net loss of $1.5 million.
Despite some macroeconomic challenges, Topgolf Callaway Brands remains confident in its market-leading position, operational strength and ability to drive long-term growth. By leveraging brand strength, strategic investments and operational efficiencies, the company aims to enhance shareholder value and sustain momentum into 2025.
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