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Callaway Golf Beats Analyst Expectations For Q2, But Falls Short Of Sales Goals

Callaway Golf yesterday "posted mixed financial results" for its Q2, with earnings beating analyst expectations "despite lower than anticipated sales," according to Mike Freeman of the SAN DIEGO UNION-TRIBUNE. Callaway reported revenue of $231M, "flat with the same quarter last year but slightly below" the $236M forecast by analysts. Earnings came in at $15M "thanks to improved profit margins on the sales of the company’s clubs and golf balls." Callaway President & CEO Chip Brewer said that the "stronger U.S. dollar has hurt the company so far this year." Freeman notes about half of the company's sales "come from overseas markets -- mainly Japan and Europe." Callaway "has experienced particularly weak demand in Asia." Looking ahead, Callaway "cut its full year revenue forecast" for '15. It now "expects sales" of about $835M, which is "down from its previous estimates" of roughly $850M. But the company "boosted its earnings per share guidance range for the full year" and now "expects to report a profit of 1 cent to 6 cents per share" (SAN DIEGO UNION-TRIBUNE, 7/30). At presstime, shares of Callaway Golf were trading at $8.84, up 4.37% from the close of business yesterday (THE DAILY).

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