Shares of Callaway Golf Co. ELY, -3.85% rose more than 5% in the extended session Monday after the golf equipment and apparel maker reported first-quarter profit and sales that blew past Wall Street expectations and said demand for its goods has been “unprecedented” amid the pandemic. Callaway said it earned $272 million, or $2.19 a share, in the quarter, compared with $29 million, or 30 cents a share, in the first quarter of 2020. Adjusted for one-time items, the company earned $77 million, or 62 cents a share. Sales rose 47% to $652 million, Callaway said. Analysts polled by FactSet expected GAAP EPS of 12 cents a share and adjusted EPS of 14 cents a share on sales of $562 million. “Our golf equipment business is continuing to experience unprecedented demand while our soft goods business and Topgolf business are recovering from the pandemic faster than anticipated,” Chief Executive Chip Brewer said in a statement. “Although the COVID-19 pandemic continues, especially in international markets, we are pleased with the current state and trends of our business.” The stock ended the regular trading day down 3.9%.
View Article Origin Here
