New Driver Leads Callaway To 43% Increase In Q1 Net Income
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Callaway’s FT-I Helps
Drive Up Q1 Net Income |
Callaway Golf announced Q1 net income rose 43%, as the company “saw strong demand
for its new products including the FT-i, its square-head driver,” according to
Jennifer Davies of the SAN DIEGO UNION-TRIBUNE. Earnings increased to $32.8M,
or $0.48 per share, compared with $22.9M, or $0.33 per share, a year earlier.
Revenue jumped 11% to $334.6M for the quarter ended March 31. The results are
“at the top end of a range the company announced in April.” Callaway President
& CEO George Fellows said, “Things are progressing as we projected. Clearly, the
second quarter is going to be a very telling quarter for us.” But Web Street Golf
Report Editor Terry McAndrew said that “despite management’s caution regarding
the rest of the year, Callaway seems poised to recapture some of the business
that has been lost in the past few years.” McAndrew: “It looks like they are on
their way to the strongest year they’ve had in some time” (SAN
DIEGO UNION-TRIBUNE, 5/4). At presstime, shares of Callaway were trading
at $18.45, up $0.99 from yesterday’s close of $18.27 (THE DAILY).
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