Callaway Golf Recovery on Track Despite Losing Third QuarterTuesday, October 29, 2013
Callaway Golf Co. reported a third-quarter net loss of $21 million, which the company viewed favorably, having posted a net loss of $87 million for the like quarter of 2012.
Revenue for the recent quarter that ended Sept. 30 was $178 million, up 38 percent from the prior year’s third quarter, measured on constant currency basis. Callaway (NYSE: ELY) attributed the growth to the success of a turnaround plan and to better weather in the Americas and Europe.
For the nine months that ended Sept. 30, Callaway reported a net profit of $31 million on revenue of $716 million, compared with a net loss of $52 million on revenue of $714 million for the like period of last year.
The company revised its forecast for this year. It projects revenue to finish at $836 million, up from the previously estimated range of $810 million to $830 million.
Shares of Callaway reached a three-year high of $8.97 on Oct. 28 before closing the day’s trading at $8.51.
— Mike Allen