Callaway Golf Quarter 3 Loss Widens but Share Price Recovers
Page last updated at 10:13 am, Friday, October 26th, 2012
Makers and sellers of golf clubs and balls, Callaway Golf Co yesterday reported a third quarter net loss of $48 million or $0.50 per share, compared to a loss of $32 million or $0.37 per share last year.
Revenues for the quarter were $148.0 million, compared to $173.0 million a year ago.
Nine analysts polled by Thomson Reuters expected losses of $0.41 per share and expected revenues of $152.38 million for the third quarter. Analysts’ estimates typically exclude special items.
For the fourth quarter, market and industry experts currently estimate a loss of $0.42 per share on revenues of $134.08 million.
Shares of Callaway Golf closed at $5.96, up 3 cents or 0.51% on the NYSE.
Speaking at a Conference Call, Chip Brewer, President and CEO, said: “The Q3 operating result is still generally within the expectations we provided at the end of Q2. Secondly, our outlook for the balance of the year has softened based on lower expectations in the U.S. and Europe, and thus, we are lowering guidance for the balance of 2012. I believe we are making good progress on our turnaround plan, where I believe we are moving quickly, decisively and on the right path.”
A transcript of the Conference Call can be obtained through www.SeekingAlpha.com
Callaway Golf www.callaway.com