Shares of Callaway Golf Co. ELY, +1.98% fell more than 10% in the extended session Monday after the maker of golf clubs and other equipment reported wider-than-expected GAAP and adjusted quarterly losses. Callaway said it lost $29.2 million, or 31 cents a share, in the fourth quarter, compared with a loss of $28.5 million, or 30 cents a share, in the year-ago period. Adjusted for one-time items, Callaway lost 26 cents a share in the quarter, compared with a loss of 32 cents a share a year ago. Sales rose to $312 million, from $181 million a year ago. Analysts polled by FactSet had expected a GAAP and adjusted loss of 24 cents a share on sales of $305 million. The company said the ongoing coronavirus outbreak will impact its business in terms of sales in Asia and on supplies. For the full-year 2020, Callaway guided for sales between $1.75 billion and $1.78 billion, and per-share earnings between 82 cents and 94 cents. The analysts surveyed by FactSet expect EPS of 88 cents on sales of $1.695 billion for the year. The guidance "reflects our best estimate of the impact of this outbreak on our business. It is very difficult, however, to provide an estimate with any degree of certainty given the dynamic nature of this crisis," the company said in a statement. Shares of Callaway ended the regular trading day up 2%.
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February 11, 2020 at 04:47AM
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Callaway Golf stock falls 10% after company posts wider quarterly loss - MarketWatch
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