Callaway Golf Shares Up 4% On Earnings Beat, Increased Guidance
Callaway Golf Co. shares rose nearly 4% late Thursday after the company beat second-quarter expectations and increased its full-year guidance. Callaway said it earned $31 million, or 33 cents a share, in the quarter, compared with $34 million, or 36 cents a share, in the year-ago period. Revenue was up 24% to $305 million in the quarter, from $246 million a year ago. Analysts polled by FactSet had expected earnings of 28 cents a share on sales of $296 million. Callaway said it expects full-year 2017 net sales between $980 million and $995 million, compared to a prior guidance of between $960 million and $980 million. The company increased its full-year adjusted earnings guidance to between 40 cents and 45 cents a share, compared to prior guidance of a range of 31 cents to 37 cents. Shares ended the Thursday session down 1%.
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