Topgolf Callaway Brands, reported first quarter details on May 8. Revenue was up 12.2% to $1.17 billion, but net income dropped 71.2% to $25 million, or $0.13 per share. Management said that investments in operating expenses led to the drop in earnings, partly due to the cost of building 11 new Topgolf facilities this year. With share price of $17.28 it has a market cap of $4.17B. In the quarter, the Carlsbad, Calif., company’s year-over-year same-store sales grew 11% at its ranges. And first-quarter results were aided nicely by the new Paradym brand. However, CEO Chip Brewer cautioned analysts on the quarterly earnings, and he expects 2023 EBITDA to be $640 ml. On the plus side, Topgolf will open 11 new locations this year, and eight will open in the fourth quarter. So 2024 looks like another solid growth year. For long-term investors, this dip looks like a buying opportunity. Or is it?
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