Topgolf Callaway Brands Corp.
MODG,
shares dropped more than 6% in the extended session Tuesday after the retailer reported a slightly lower-than-expected quarterly revenue. The company earned $117.4 million, or 59 cents a share, in the second quarter, compared with $105.4 million, or 53 cents a share, in the year-ago quarter. Adjusted for one-time items, Topgolf earned 39 cents a share. Analysts polled by FactSet expected the company to earn an adjusted 34 cents a share. Revenue rose 64% to $1.18 billion, from $1.12 billion a year ago, a tad lower than FactSet expectations of $1.19 billion. “Our solid second-quarter results were driven by strong performance across all business segments, and I am particularly pleased with market-share gains in golf equipment and the continued strength of Topgolf’s venue business,” Chief Executive Chip Brewer said in a statement. The company reaffirmed its 2023 revenue guidance of between $4.42 billion and $4.47 billion.
