Net income was $45.7 million in the third quarter against a loss of $14.7 million a year ago, boosted by $33.5 million in IEEPA tariff refunds, on 6% lower sales of $436.9 million, down from $462.6 million. Profits took a hit from a $17.9 million equity method loss from CALY’s share of Topgolf, but the debt paid off with Topgolf sale proceeds meant that last year’s $14.8 million in interest expense did not recur. Adjusted EBITDA was up 17% to $35.9 million.

Equipment sales declined 8% to $281.5 million, including Club sales ... Log in to view full article.