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Callaway Reports Higher Non-GAAP Q1 Profit

05/10/2021 13:17

05:07 PM EDT, 05/10/2021 (MT Newswires) -- Callaway Golf Co (ELY) reported non-GAAP net income of $0.62 per share during its Q1 ended March 31, up from a $0.32 adjusted profit during the same quarter last year, while revenue increased 47.5% to $652 million.

On a GAAP basis, the golf equipment company earned $2.19 per share, which includes a $2.04 per share non-cash gain from its recently acquired Topgolf unit, improving on $0.30 per share during the first three months of 2020.

Analysts, on average, had been expecting Q1 normalized net income of $0.11 per share, and GAAP earnings of $0.10 per share, on $569.2 million in revenue.

The company said it was not providing specific FY21 guidance, citing the ongoing uncertainties connected with the COVID-19 pandemic, although it now expects revenue and adjusted EBITDA for its legacy Callaway business will top FY19 levels when it generated about $1.70 billion in revenue and $211 million in adjusted EBITDA.

It also sees revenue and adjusted EBITDA for its Topgolf business matching or exceeding FY19's $1.06 billion in revenue and $59 million in adjusted EBITDA.

Callaway's full-year results will only include 10 months of Topgolf results, and therefore will not include January and February results.

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