Investors walked away from Callaway Golf following the company’s July 26 earnings announcement.
Shares were trading at $10.51 on the after-hours market, 16 percent off Callaway’s $12.51 closing price.
Following the close of the market, the Carlsbad golf gear maker reported net income of $22.5 million, or 33 cents per share, on revenue of $341.8 million during the second quarter.
Excluding one-time items, Callaway’s earnings were 38 cents per share. Analysts surveyed by Thomson Financial had collectively predicted earnings of 45 cents per share.
In the year-ago quarter, Callaway reported net income of $18.3 million on sales of $323 million.
Callaway makes golf clubs, balls and accessories. Shares trade on the New York Stock Exchange as ELY.
, Brad Graves
