Callaway Golf Company (NYSE:ELY) has announced its full year 2017 financial results and provided financial guidance for 2018.
2017 Financial Results
- Full year 2017 net sales of $1,049 million, a 20% increase compared to 2016.
- Full year 2017 operating income of $79 million, a 78% increase compared to $44 million of operating income in 2016.
- Full year 2017 cash from operations of $118 million, a 52% increase compared to $78 million in 2016.
- Projected full year 2018 net sales are estimated to increase 6% – 8% compared to 2017.
“2017 was another exciting year for Callaway Golf,” commented Chip Brewer, President and Chief Executive Officer of Callaway Golf Company (pictured above). “On a full year basis compared to 2016, our net sales increased $178 million (20%), our gross margins increased 160 basis points, and our Adjusted EBITDA increased 72% to $100 million. These results were fueled by the success of our 2017 product line, including the EPIC woods and irons, and reflect the benefits of our strategy of investing in areas tangential to golf as the OGIO and TravisMathew acquisitions led a $100+ million increase in net sales in our Gear, Accessories and Other operating segment.”
Mr. Brewer continued, “Admittedly, our success in 2017 has made 2018 a high hurdle, but we believe we are up to the challenge. Looking ahead, we are encouraged not only by improving golf industry fundamentals but also by the strength of our 2018 product line. The initial enthusiasm surrounding the Rogue line of woods and irons has been strong due to the new and improved Jailbreak Technology that we incorporated into the driver as well as the fairway woods and hybrids. Our 2018 iron line-up is our strongest ever and we are also excited about the great leap in Graphene technology in our new Chrome Soft golf balls. Lastly, our brand momentum remains strong and we believe we continue to be the #1 golf club brand both in the U.S. and on a global basis.”
About Callaway Golf
Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells bags, accessories and apparel in the golf and lifestyle categories, under the Callaway Golf®, Odyssey®, OGIO and TravisMathew brands worldwide.
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