Callaway Golf Co. ELY, +0.73% shares fell more than 8% in the extended session Wednesday after the golf equipment maker swung to another quarterly loss and said pandemic-related restrictions “continue to negatively impact our business in 2021.” Callaway lost $41 million, or 43 cents a share, in the fourth quarter, compared with a loss of $29 million, or 31 cents a share, in the year-ago period. Adjusted for one-time items, the company lost 33 cents a share. Sales rose 20% to $375 million, a new record for the company, Callaway said. Analysts had expected an adjusted loss of 19 cents a share on sales of $337 million. The jump in sales reflected “continued unprecedented demand” for Callaway’s golf equipment business and “a quicker than expected” recovery in certain apparel lines and other soft goods. “We are very thankful we were able to finish 2020 with strong brand momentum and a strong balance sheet,” Chief Executive Chip Brewer said in a statement. Shares of Callaway ended the regular trading day up 0.7%.
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