Callaway Golf Co. saw revenues in the first quarter soar by 47.3 percent as compared to the year earlier to $651.6 million, amid “unprecedented” demand for its golf equipment and a faster-than-expected recovery from the Covid-19 pandemic for Jack Wolfskin and the rest of its s oftgoods businesses and the recently acquired TopGolf.

The group’s profitability increased at an even faster pace. Adjusted Ebitda increased by 113 percent to $128 million, driven by a $53 million increase in the legacy Callaway business and a four-week contribution of $15 million from TopGolf. Net income rocketed to $272 million from $29 million in the year-earlier period, rising on an adjusted basis by 149 percent to $77 million excluding a big non-cash gain from Topgolf.

TopGolf, whose takeover was completed on March 8, added $93 million to Callaway’s first quarter sales. Excluding TopGolf, sales increased by 26 percent. Changes in foreign currency rates had a positive $17 million impact on the top line.

In Callaway’s legacy business, golf club sales increased by 25.9 percent to $316.4 million and golf ball sales jumped by 49.7 percent to $60.5 million. The segment’s operating profit rose by 45 percent to $84.0 million as compared to a year earlier.

Apparel sales were up by 23.3 percent to $95.3 million and gear and other sales rose by 18.4 percent to $86.8 million, leading to a jump in the segment’s operating income to $20.5 million as compared to a loss of $3.8 million. Callaway noted that both the Jack Wolfskin and TravisMatthew brands of apparel were recovering from the pandemic more quickly than anticipated, despite continued retail restrictions and other Covid-19 effects, particularly in Europe. Online sales went up by 108 percent at Jack Wolfskin and by 145 percent at TravisMatthew

On a geographical basis, sales in the U.S. surged by 78.5 percent to $388.2 million, more or less in line with the explosion in the number of golf rounds played in the country. First-quarter sales in Europe amounted to $108.3 million, up by 12.0 percent on a reported basis and by 3.0 percent higher at constant currency rates. Sales in Japan stood at $71.9 million, down by a reported 7.1 percent, with a drop of 9.3 percent in constant currencies. Sales in the rest of the world fell by a reported 64.0 percent to $83.2 million and were 51.8 percent lower in local currencies.

The available liquidity, comprised of cash-on-hand and availability under Callaway’s credit facilities, reached an all-time high of $713 million on March 31, 2021 compared with $260 million a year earlier.

Although it is not providing specific guidance and revenues for the full year due to the continued uncertainty about the Covid-19 pandemic and unsettled market conditions, Callaway now anticipates full-year adjusted Ebitda to exceed 2019 levels for its legacy business and that it will meet or exceed the full 12-month 2019 levels for the TopGolf business. Previously, Callaway had guided that neither business would match 2019 levels for revenues or adjusted Ebitda this year.

In 2019, the Callaway’s legacy business generated revenues of $1.7 billion and adjusted Ebitda of $211 million, while TopGolf recorded revenues of $1.06 billion and adjusted Ebitda of $59 million.