Callaway Golf Co. (NYSE:ELY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Callaway Golf Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 83.33% to $0.33 in the quarter versus EPS of $0.18 in the year-earlier quarter.
Revenue: Rose 1.02% to $288 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Callaway Golf Co. reported adjusted EPS income of $0.33 per share. By that measure, the company beat the mean analyst estimate of $0.21. It beat the average revenue estimate of $284.4 million.
Quoting Management: “I am very pleased with our overall results this quarter,” commented Chip Brewer, President and Chief Executive Officer. “The strength of our 2013 product line, including our new X Hot products and Versa line of putters, allowed us to achieve a 12% increase in net sales on our current business on a constant currency basis. In addition, we are beginning to see the results of the many cost-reduction and other initiatives we took in 2012, which contributed to improvements in gross margins and operating expenses, and all of which culminated in a $23 million increase in non-GAAP operating income for the first quarter of 2013. However, it is still early in the year, and the second quarter always has a big impact on our ability to achieve our full year financial targets. With that said, the first quarter was an important first step in our multi-year turnaround plan and we are pleased to report our turnaround is on track.”
Key Stats (on next page)…