Topgolf Callaway Brands Corp Q2 2024 Earnings Summary

Topgolf Callaway Brands Corp. Q2 2024 Earnings Summary

Topgolf Callaway Brands Corp. reported its financial results for the quarter ending June 30, 2024.

Key Financial Metrics

Interpretation : Topgolf Callaway Brands' total revenue for the second quarter of 2024 was $1.14B, showing a decline of 1.9% year-over-year. Earnings per share decreased to $0.32, down 45.8% from the previous year. Despite the year-over-year decrease, EPS surpassed the consensus estimate of $0.27. The year-over-year revenue decline was primarily driven by lower sales in the Golf Equipment and Active Lifestyle segments.

Segment Revenue Performance

Interpretation : - Topgolf : Revenue increased by 5.0% year-over-year to $498.5M, driven by the addition of new Company-operated venues. - Golf Equipment : Revenue decreased by 8.2% year-over-year to $418.6M, affected by a planned shift in product launch timing and softer market conditions in certain regions. - Active Lifestyle : Revenue declined by 3.2% year-over-year to $247.3M, primarily due to lower sales of Jack Wolfskin products attributable to higher inventory levels at retailers.

Dividends and Share Repurchase Program

During the second quarter of 2024, Topgolf Callaway Brands repurchased 1.0 million shares of its common stock under the 2022 Repurchase Program at a weighted average price of $16.09 per share, totaling $16.1 million.

Stock Price Movement

After the earnings release, Topgolf Callaway Brands’ stock price declined by 12.7%.

This report is based on the provided earnings release for Topgolf Callaway Brands Corp. Ensure that all the numbers and interpretations are verified against the official document or release from the company.