Want more from Front Office Sports
in your search results?
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.
Download the FOS App
The business of sports, in your pocket.
Scan the QR code to get the app now.
