Callaway Golf (ELY) to Cut 12% of Workforce; Offers Prelim. Q2 Results, Updates FY Outlook
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Price: $6.39 -3.18%
EPS Growth %: +83.3%
Financial Fact:
Total operating expenses: 90.31M
Today's EPS Names:
WSTL, SEAS, QSII, More
EPS Growth %: +83.3%
Financial Fact:
Total operating expenses: 90.31M
Today's EPS Names:
WSTL, SEAS, QSII, More
Trade ELY Now!
Callaway Golf (NYSE: ELY) today announced the implementation of cost-reduction initiatives that are expected to generate approximately $52 million in gross annualized savings. The comprehensive action, which includes a 12% reduction in workforce that impacted all regions and all levels of the organization, supports the Company's plans to streamline operations and sharpen the focus placed on the core product lines of the Callaway and Odyssey brands. Estimated costs over the next twelve months associated with these actions are $40 million, over half of which are expected to be non-cash charges. The announcement was made by Chip Brewer, President and Chief Executive Officer of Callaway, who also provided preliminary second quarter and first-half results for 2012, as well as guidance on the balance of the year.
The company reported preliminary Q2 EPS of 5 cents on sales of $280 million. The Street was looking for EPS of 5 cents on sales of $285.69 million.
Sees FY12 loss of 55-75 cents per share, which compares to the Street estimate of 21 cent loss.
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The company reported preliminary Q2 EPS of 5 cents on sales of $280 million. The Street was looking for EPS of 5 cents on sales of $285.69 million.
Sees FY12 loss of 55-75 cents per share, which compares to the Street estimate of 21 cent loss.
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