Topgolf Callaway Brands (NYSE: MODG) reports Q3 nine-month revenue at $3.4 billion, a nearly 7% increase compared to the same period in 2022. YTD earnings dropped 25% to $231 million.
On November 8, the company revised its full-year guidance to $4.235B- $4.260B (consensus of $4.41B), down from its previous range of $4.430B to $4.470B.
Topgolf Callaway Brands President/CEO Chip Brewer said the company is “taking decisive action” to costs, as well as capital expenditures, and to drive additional synergies.
“All of this is aimed at de-risking future performance while maintaining our strong growth prospects,” Brewer said. “We remain on plan to deliver positive free cash flow for the total company and Topgolf this year, and we are confident that we will continue to profitably grow our business this year and going forward.”
Acushnet Company (Titleist and FootJoy) President/CEO David Maher is bullish on the continued growth of the golf industry.
“We have more golfers. People are prioritizing the sport differently in their lives. People are working,” Maher said. “And I think the game is benefiting from – it’s realizing the benefits of its exercise, outdoor, and socialization components, all that goes along with it.
“So the sport, obviously, (is) very, very healthy. In the U.S. and around the world, I’ve made the point a few times that I think we’re five years running where the golfer base has grown fastest-growing segments, juniors women.”
Country music artist Jake Owen will perform at the first PGA Show Winter Jam, an after-hours concert experience, on Jan. 25, 2024, in a new concert lounge created in Orlando’s Orange County Convention Center. Registered PGA Show attendees will receive complimentary admission. PGA HOPE will be the concert’s charitable partner.
Hideoki Bespoke, which bills itself as an “innovator in luxury tailoring and custom menswear,” and PING Golf are partnering to launch a limited-edition collection. Titled “The 19th Collection,” the capsule consists of high-end apparel and accessories that pay homage to the sport of golf by combining the rich heritages of the Hideoki and PING brands. Designed in Atlanta and made in Italy, the 60-piece collection is available online now.
Targeted toward discerning gentlemen who have an eye for high-quality craftsmanship and timeless style, the collection features an array of clothing, footwear, home and lifestyle accessories. With handcrafted leathers, highly custom tailoring methods, and luxe fabrics, the collaboration aims to “redefine the narrative” of traditional golf culture, attracting a variety of clientele with an appreciation for the game of golf and fashion.