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).
