Callaway Golf reported a $66M loss as it recapped its Q4 earnings on Thursday. The OEM said it lost 36 cents per share, which actually beat analyst expectations for the quarter (45 cents). Callaway’s quarterly revenue came in at $367.5M, which fell well below analyst expectations of around $785M as the company completed its sale of Topgolf.
In January, Callaway sold 60% of Topgolf to Leonard Green & Partners at a $1.1B valuation. Callaway received $800M in cash and used it to repay $1B of debt. Callaway’s golf equipment sales decreased by nearly 5% in Q4, with apparel, gear and “other” sales increasing by a similar amount.
For the full year, Callaway reported revenue of $2.06B and a profit of $38.8M. At presstime, shares of Callaway were trading at $12.70, down 14% from the close of business Thursday.