Maybe you can give Callaway a hand.
UPDATE 1-Callaway Golf Q2 edges past view
5:19pm EDT
* Q2 adj EPS $0.15 vs est $0.14
* Q2 rev $304 mln vs est $300.9 mln
* Says not providing outlook for rest of year
July 28 (Reuters) - Callaway Golf Co (ELY.N: Quote, Profile, Research, Stock Buzz) reported a quarterly profit that edged past market expectations on slightly improved sales but said the recovery in the U.S. golf industry continued to lag expectations.
The company said it was not providing outlook for the balance of the year due to an uncertain sales climate, but expects results to be better than last year, when golf industry sales bottomed out, hit by the recession.
In June, the company had forecast underwhelming results for the quarter, on a slower-than-expected recovery, dampening hopes of a speedy rebound this year fuelled by pent-up demand among golfers.
"While the golf industry will recover, given recent increased uncertainty regarding retailer and consumer spending in the back half of the year, it does not appear that the industry will fully recover during 2010," Chief Executive George Fellows said.
For the second quarter, the maker of Big Bertha clubs and balls earned $8.8 million or 14 cents a share, up from $6.5 million, or 10 cents a share, a year ago.
Excluding a 1 cent charge related to its Global Operations Strategy initiatives, Callaway edged past analysts' expectations of 14 cents a share, according to Thomson Reuters I/B/E/S.
Revenue at the company, which competes with golf gear makers like Fortune Brand Inc's (FO.N: Quote, Profile, Research, Stock Buzz) Acushnet Co, Adidas AG's (ADSG.DE: Quote, Profile, Research, Stock Buzz) TaylorMade unit and Nike Inc's (NKE.N: Quote, Profile, Research, Stock Buzz) golf unit, rose 1 percent to $304 million, topping expectations of $300.9 million.
The company's shares, which have shed over a quarter of their value over the past three months, closed at $6.58 Wednesday on the New York Stock Exchange. (Reporting by Viraj Nair in Bangalore; Editing by Maju Samuel) |
