Callaway Golf Earnings, Sales Boosted In Q1 By New Epic Driver, Ogio Acquisition

Callaway Golf’s shares rose more than 6.5% on Friday after the company "posted better earnings and sales" than analysts expected and "raised its full-year forecast," according to Mike Freeman of the SAN DIEGO UNION-TRIBUNE. Callaway cited the "strength from its new Epic driver and Chrome Soft X golf balls, as well as gains from its acquisition" of backpack/golf bag maker Ogio, as driving Q1 performance. Callaway reported Q1 sales of $309M, up 13% from last year. Net income came in at $26M, down from $38M "for the same quarter the prior year." Looking ahead, Callaway "boosted its full year sales forecast" to a new range of $960-980M. The company "increased full-year earnings guidance" to $0.27-0.33 per share, up from "previous forecasts" of $0.21-0.27 (SAN DIEGO UNION TRIBUNE, 5/6). At presstime, Callaway shares were trading at $12.66, down 2.05% from Friday's close (THE DAILY).