Callaway Golf (ELY) Tops Q3 EPS by 7c, Sales Beat

Callaway Golf (NYSE: ELY) reported Q3 EPS of $0.03, $0.07 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $244 million versus the consensus estimate of $209.87 million.

"Our third quarter results continue what has been a tremendous year for Callaway," commented Chip Brewer, President and Chief Executive Officer of Callaway Golf Company. "On a year-to-date basis compared to the same period in 2016, our sales have increased $150 million (21%), our gross margins have increased 130 basis points, and our Adjusted EBITDA has increased 69%. Furthermore, our success over the last couple of years has allowed us to reinvest in our business, including investments in our golf ball plant, and in sales, marketing and research and development, and it has provided us with the wherewithal to acquire the OGIO and TravisMathew brands. We believe these investments and acquisitions will provide benefits for years to come."

"Looking forward, we are pleased that our year-to-date performance has allowed us to increase our full year sales and earnings guidance," continued Mr. Brewer. "We also continue to be cautiously optimistic about the golf industry overall, thanks to what we believe are improving fundamentals. Lastly, our brand momentum remains strong and we believe we are the #1 club and # 1 hard goods market share brand in every major region around the world."

For earnings history and earnings-related data on Callaway Golf (ELY) click here.

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