AP NEWS

Callaway: 3Q Earnings Snapshot

October 30, 2019 GMT

CARLSBAD, Calif. (AP) _ Callaway Golf Co. (ELY) on Wednesday reported third-quarter net income of $31 million.

The Carlsbad, California-based company said it had profit of 32 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 36 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The maker of golf equipment and accessories posted revenue of $426.2 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $420.8 million.

Callaway expects full-year earnings in the range of $1.06 to $1.12 per share, with revenue in the range of $1.69 billion to $1.7 billion.

Callaway shares have risen 35% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.73, a decrease of slightly more than 5% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ELY at https://www.zacks.com/ap/ELY