Drive Shack Q2 Result Tops Estimates

Drive Shack Q2 Result Tops Estimates
  • Drive Shack Inc DS reported second-quarter FY21 sales growth of 130.22% year-on-year, to $73.90 million, beating the analyst consensus of $67.93 million.
  • Revenue from golf operations rose 108% Y/Y, and sales of food and beverages jumped 400% Y/Y.
  • Operating expenses rose 67.5% Y/Y to $55.6 million.
  • The operating margin was 1.4%, and operating income for the quarter was $1.1 million.
  • The company held $84.4 million in cash and equivalents as of June 30, 2021.
  • It reported an Adjusted EBITDA of $7.7 million, versus ($7.0) million last year.
  • Loss per share of $(0.04) beat the analyst consensus of $(0.13).
  • "Both our American Golf and Drive Shack businesses delivered strong financial performances as the momentum in the golf and entertainment sectors continued throughout the second quarter," said CEO Hana Khouri.
  • Price action: DS shares closed higher by 5.58% at $2.65 on Friday.

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