Topgolf Callaway Brands (NYSE: MODG) stock opened this morning at $16.60 per share and went as high as $17.74 in early trading. The company reported lower than expected Q2 revenue lafter the market closed on Aug. 8. MODG opened trading on Aug. 8 as high as $18.80 prior to the Q2 report.
The company reported Q2 revenue of $1.18 billion – less than the expected revenue of $1.19 billion. MODG reported Q2 earnings of $78 million, a nearly 17 percent drop for Q2 of ‘22.
For the six months, MODG reported revenue of $2.34 billion, a nine percent year-over-year increase. Earnings, however, fell 32 percent to $110 million.
Topgolf’s Q2 revenue was $471 million – up 16 percent vs Q2 in ‘22 – and $874 million for the six months, a 20 percent year over year increase. The company opened two new Topgolf venues in Q2 and plans to open a total of 11 by the of 2023.
Callaway Golf equipment Q2 revenues was essentially flat – $451 million vs $452 million in ‘22, while six-month equipment sales fell to $895 million vs. $920 million the same period in 2022.
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