Callaway shares volatile on weak quarterly results
Shares of Callaway Golf Co. were volatile in Wednesday's extended session after the sporting goods company posted disappointing quarterly results. Callaway reported its fourth-quarter loss widened to $28 million, or 30 cents a share, from a loss of $19 million, or 20 cents a share, a year earlier. Revenue fell to $181 million versus $192 million a year ago. On an adjusted basis, the company would have lost 32 cents a share. Analysts surveyed by FactSet had forecast a loss of 31 cents a share on revenue of $176 million. For 2019, Callaway projected earnings per share of 93 cents to $1.03, below analysts' estimate of $1.06 but its sales outlook of $1.67 billion to $1.7 billion is better than Wall Street's forecast of $1.57 billion. Callaway shares were last down 0.3% after hours.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.