Topgolf Callaway Brands Corp. reported third quarter 2024 consolidated net revenues of $1,012.9 million, a 2.7% decrease year-over-year, but exceeding the company's guidance range. The company posted a GAAP net loss of $3.6 million, compared to net income of $29.7 million in the prior year, with diluted GAAP earnings per share of $(0.02).
Non-GAAP net income for the quarter was $4.3 million, down from $35.8 million year-over-year, resulting in non-GAAP diluted earnings per share of $0.02. Adjusted EBITDA decreased by 26.6% to $119.8 million, though this figure was ahead of expectations due to better-than-expected revenue and strong venue profitability at Topgolf.
For the full year 2024, the company reiterated its Topgolf revenue guidance at approximately $1.79 billion and raised its Topgolf Adjusted EBITDA outlook to approximately $315 million. However, consolidated net revenue guidance was narrowed to approximately $4.20 billion, and consolidated Adjusted EBITDA guidance was lowered to $560 million to $570 million, reflecting a challenging macroeconomic backdrop.
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