SBD/Issue 141/Finance

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  • Callaway Golf Expects To Beat Wall Street’s Q1 Expectations

    Callaway Golf Seeing Strong
    Sales Of New FT-i Driver
    Callaway Golf, “buoyed by sales of new driver models,” expects Q1 results “to beat Wall Street expectations,” according to Jennifer Davies of the SAN DIEGO UNION-TRIBUNE. The company expects revenue of $330-335M for the quarter that ended March 31, with earnings per share of $0.46-0.48, compared to the consensus analyst estimate of $322M in revenue and $0.39 in EPS. Web Street Golf Report Editor Terry McAndrew: “It’s a big deal. It beat what Wall Street was expecting. They clearly found a way to surprise everyone — and pleasantly, for a change.” Callaway CEO George Fellows indicated that Callaway’s expected Q1 results are “due to strong demand for its new drivers, including its square-head model, the FT-i.” New irons “were also selling well, as were its accessories, including footwear, bags and gloves.” But Fellows cautioned that “much of the sales growth simply represented stores ordering product and that [Q2] would be a better indication of customer reaction to the new drivers and other equipment.” Shares of Callaway were up $0.08 yesterday, closing at $17.02. The preliminary Q1 results were released after the market closed and “failed to move Callaway’s stock in after-hours trading” (SAN DIEGO UNION-TRIBUNE, 4/17). At presstime, Callaway shares were trading at $18.29, up 7.46% from yesterday’s close (THE DAILY).

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