Benefitting from a $252,531,000 non-cash gain booked on its Topgolf investment, ELY’s net income soared to $272,461,000 in the first quarter from $28,894,000 last year, on total revenues that increased 47% to $651,621,000 from $442,276,000. Excluding the windfall, $16 million in deal-related costs, and other one-time charges, adjusted net income was up 148% to $77 million from $31 million last year. U.S. sales gained 78% to $388.2 million, while Europe had 12% growth to $108.3 million, but Japan contracted 7% to $71.9 million. Rest of world grew 64% to $83.2 million.

After years of golf company managements’ benchmarking meager results based ... Log in to view full article.