GBR Weekly | Titleist Club Sales Jump In Q3, Topgolf Callaway's Q3 Better Than Forecast
Golf's biggest hitters release their Q3 data to the stock market this week, investors seeing a consistent year from Acushnet, while Topgolf's spinoff from Callaway hasn't adversely impacted numbers.
Hello, GBR community,
We are a day late this week as we wanted to include the critical details of Topgolf Callaway Brands Q3 data, which came out yesterday.
Acushnet released its Q3 data on Monday, and we have the full breakdown of the figures you need to know.
It feels like the two organisations have had contrasting years to date. Acushnet has had a relatively benign year and has posted solid numbers. Topgolf Callaway’s year has been more turbulent. However, consumers still love Callaway’s products, and their equipment sales have seen them keep their number one spot in product sales in the U.S.
Acushnet and Topgolf Callaway Brands are multi-billion dollar businesses, and decisions made by them not only influence our desire to buy their golf equipment but also impact shareholder sentiment.
Their performance off the golf course is just as important as it is on it.
For our premium content this week, we’ll take a deep dive into the numbers from both companies, and we’ll share with you:
Q3 net sales figures
Regional performance breakdowns
Q3 Sales Figures from each department of the businesses
Year-to-date performance and forecasts for the remainder of 2024
[Subscribe to continue reading and have the full picture of these 2 giants]
But before that, we bring you details of the other major stories in the business world of golf this week, including:
PGA of America appoints a new president.
The DP World Tour has launched its 2025 schedule.
PGA National is up for sale with interest from London-based investors.
Extended television coverage for Caitlin Clark’s appearance at The Annika.
LIV Golf makes two new key appointments.
PXG Golf extends its partnership and launches new initiatives to help military personnel.
SOME HOUSEKEEPING
We’d also like to take the opportunity to remind you of the survey that was sent out on Monday. We care deeply about providing you with the content that is most important to you and as we build our community, your input into how we move forward is extremely important. If you have a couple of minutes to complete the survey, we would appreciate it. Each completed survey will enter you into a drawing to win a $150 Amazon Gift Card.
Are you interested in partnering with Golf Bizz Review? Get in touch with us to learn more about sponsorship opportunities.
PGA of America Elects Rea Jnr As New President
PGA Master Professional Don Rea Jr. has been elected as the 44th President of the PGA of America, representing over 31,000 PGA Professionals nationwide. This announcement came from the Association’s 108th Annual Meeting in Grand Rapids, Michigan, marking a new chapter in leadership for the PGA. Rea, a longtime Member of the Southwest PGA Section, is the Owner and Operator of Augusta Ranch Golf Club in Mesa, Arizona. He brings a wealth of experience and dedication to his two-year presidential term.
With over two decades as a PGA Member, Rea’s impact on the game has been substantial. Since joining the PGA Board of Directors in 2016, he’s led initiatives that have shaped youth and community engagement in golf, chairing committees like the Junior Golf and PGA Jr. League and championing the American Development Model (ADM) for golf.
His commitment extends beyond the fairways. Rea serves on the Arizona Lodging & Tourism Association Board to advocate for the golf industry’s role in hospitality and responsible water usage. He also spent nine years as a minor league baseball umpire, an experience that honed his leadership on and off the green.
In addition to Rea’s election, the PGA of America welcomed Nathan Charnes as Vice President and Eric Eshleman as Secretary, forming a team dedicated to growing the game of golf and supporting the industry at every level.
While the role of President has been filled, the PGA of America is still searching for a new CEO after Seth Waugh stepped down in June. Kerry Haigh, the chief championships officer, is currently holding the position of interim CEO.
“It’s an honor and a privilege to serve, alongside our Officers and Board of Directors, the more than 31,000 PGA of America Golf Professionals of our Association. Our Members and Associates are serving millions of golfers through this amazing game every day. I’m incredibly proud of the lives we impact collectively along the way, shoulder to shoulder with our 41 PGA of America Sections. It is our top priority to serve our PGA of America Golf Professionals and provide resources to allow them to thrive and continue to lead as experts of the game.” - Don Rea Jnr, 44th President of the PGA of America.
DP World Tour Releases 2025 Schedule
In 2025, the DP World Tour promises to cover as much mileage as it has in 2024, with a season-spanning 42 Race to Dubai tournaments in at least 26 countries.
The DP World Tour has officially released its 2025 full-season schedule, offering members a record prize fund of $153 million outside the Majors, and structured in three stages:
Global Swings
The Back 9
The DP World Tour Play-Offs
The tour will visit renowned and new venues worldwide, starting with the ‘Opening Swing’ and culminating in November 2025 with back-to-back Rolex Series events in Abu Dhabi and the traditional finish at the Earth Course, Jumeirah Golf Estates, in Dubai for the DP World Tour Championship.
Key Highlights of the 2025 Schedule
Global Swings Return: Following a successful debut, the Global Swings will again bring regional narratives to the season, each offering its own champions and exemptions into prestigious Rolex Series events and the Back 9. The tour will begin with the BMW Australian PGA Championship in Brisbane, kicking off the season from November 21-24, 2024.
Resurgence of Iconic Tournaments: The Turkish Open and Austrian Alpine Open make long-awaited returns in May, hosted at Regnum Carya Golf & Spa Resort in Turkey and Gut Altentann Golf Club in Austria, respectively. The Austrian Open marks its 23rd edition, having first appeared in 1990 with a victory by Bernhard Langer. The Turkish Open acted as the launch pad for Brooks Koepka, who claimed his first tour victory in 2014 before capturing five major titles and enjoying being the number-one ranked player in the world.
New and Unique Venues: The Italian Open will now be played at Argentario Golf Club in Tuscany, while Denmark’s national championship will be held at Furesø Golf Klub near Copenhagen. Continental Europe’s oldest tournament, the FedEx Open de France, will move to the storied Golf de Saint-Nom-La-Bretèche for the first time since Seve Ballesteros claimed victory there in 1982.
Major Team Events: The 2025 schedule also celebrates team match play, including the Team Cup in Abu Dhabi and the 2025 Ryder Cup at Bethpage Black in New York, where Europe’s Luke Donald will lead his team against the United States, captained by Keegan Bradley.
Back 9 Drama: As the season transitions into autumn, players will battle for spots in the DP World Tour Play-Offs, with standout events like the Abu Dhabi Championship and the DP World Tour Championship in Dubai, both Rolex Series events that promise thrilling finales to the competitive year.
The Back 9 concept has enjoyed considerable success this year, with increased crowd numbers and television viewers tuning in to watch.
Back-loading some of the biggest tournaments on the DP World Tour was also seen as a reason why Europe’s players dominated the 2023 Ryder Cup, played at the Marco Simone Golf Club just outside Rome. At the time, it was felt that Europe’s players were more match-sharp than their American counterparts, where some of the US Team had five weeks off before the Ryder Cup.
As we have seen with the PGA Tour and LIV Golf, 2025 schedules are constructed without knowing what may happen with the ongoing negotiations with PIF and the impact that could have on tour structures and schedules going forward.
“Our 2025 schedule celebrates the truly global nature of the DP World Tour. The introduction of the Global Swings in the current season has given us a strong, clear narrative that showcases the diversity of our membership and the places and cultures we visit. This will be further enhanced through the return of national Opens in Turkey and Austria in the first phase of our 2025 season.
Then, as we have seen in recent weeks with great success in terms of attendance, viewing figures and compelling drama, the Back 9 provides a real opportunity for our Tour internationally as we build momentum into the Play-Offs. We, therefore, also look forward to building on this in our 2025 season.” - Guy Kinnings, Chief Executive of the DP World Tour.
IN CASE YOU MISSED IT
The Short Game
PGA National Resort & Spa in Palm Beach Gardens, Florida, is reportedly under contract to be sold to London-based Henderson Park for $425 million, or approximately $1.3 million per room, according to Bloomberg.
Brookfield Asset Management, which acquired the property for $218 million in 2018 and invested over $100 million in renovations, is selling the 800-acre resort, featuring five championship golf courses and The Staple nine-hole course. If the sale goes through, management will reportedly transition to Salamander Hotels, known for its luxury service under Sheila Johnson’s leadership, which local experts believe will elevate PGA National's appeal in the upscale market.
Golf Channel and the LPGA are elevating coverage for The Annika tournament next week, where Caitlin Clark will join the Wednesday pro-am. Clark’s round begins at 7 am ET, playing the front 9 with Nelly Korda and the back 9 with Annika Sorenstam.
Fans can catch live-streamed moments on LPGA and tournament social channels, including Clark’s range warmup and an in-round interview. Golf Channel’s "Golf Today" will also air at 11 am ET to provide live look-ins and highlights. Ahead of her pro-am appearance, Clark, a Gainbridge ambassador like the tournament, will speak at a Women’s Leadership Summit on Tuesday, with full coverage available on NBCSports.com and the LPGA website. Story featured in Sports Business Journal.
LIV Golf has appointed John Ruzich as Chief Legal Officer and Denise Taylor as Head of Product & Technology. Ruzich will manage legal operations across the League and its 13 teams, while Taylor will spearhead global technology initiatives. Both are based in New York and begin their roles this month. CEO Greg Norman expressed confidence in the new hires, noting that their “deep expertise” will help “strengthen our legal and technology departments and propel us to new heights in 2025 and beyond.” LIV Golf statement.
PXG launches several impactful initiatives to honor military heroes this November, including the Double Down for Veterans Match Campaign with Semper Fi & America’s Fund and The Bob & Renee Parsons Foundation. The PXG for Heroes Program® has also been enhanced, offering exclusive discounts for verified military personnel, veterans, first responders, nurses, and teachers—20% off golf clubs and 30% off apparel.
PXG will host a Heroes Night on November 19, 2024, at 25 PXG retail stores and PXG UK. This event will feature activities like the PXG Combine full-swing competition, entry-level golf experiences, and a special golf ball design activity for kids. It will connect veterans directly with support services and golf engagement.
Acushnet Announce Q3 Figures
Titleist and FootJoy's parent company, Acushnet Holdings Corp, reported a solid third quarter for 2024, reflecting strong demand and steady growth across several product categories. Despite slight challenges in some areas, the company’s overall financial health remained positive. The following breakdown provides insights into Acushnet’s performance and strategic moves as of Q3 2024.
We’ll first look at Acushnet’s figures and then dive into Topgolf Callaway’s Q3 performance.
