Shares in Carlsbad-based Callaway Golf Co. rose more than 11 percent from the previous close during midday trading Jan. 19.
The increase came one day after the company released preliminary earnings results for 2006.
Based on current information, the company expects net sales for the year of roughly $1.02 billion with earnings of between 33 to 35 cents per diluted share.
For 2005, net sales were $998 million and earnings per diluted share were 19 cents.
Current year earnings estimates include an 8 cents per share after-tax charge for equity-based compensation under new accounting standards, as well as after-tax charges for 4 and 3 cents per diluted share related to the integration of the Top-Flite line and restructuring initiatives, respectively.
Golf club and ball manufacturer Callaway Golf is traded on the New York Stock Exchange as ELY.
In midday trading, ELY was up 11.75 percent to $15.69, from the previous day’s close of $14.04.
, Andy Killion