Global Edition

Callaway Golf Shares Rise after Company Declares Strong Results

11.32am 25th October 2013 - Corporate

Chip Brewer, President and Chief Executive Officer
Chip Brewer, President and Chief Executive Officer

Callaway Golf Company (NYSE:ELY) declared a regular quarterly cash dividend of $0.01 per share on its Common Stock. The dividend is payable on December 16, 2013 to shareholders of record at the close of business on November 21, 2013.

The Company also declared a regular quarterly cash dividend of $1.875 per share on its 7.50% Series B Cumulative Perpetual Convertible Preferred Stock. The dividend is payable on December 16, 2013 to shareholders of record as of November 21, 2013.

In a conference call Chip Brewer, Chief Executive Officer, President and Director, said, “I’m happy to say we had a strong quarter, and I believe our results confirm our turnaround plan is on track and probably building momentum. I’d like to start by thanking the Callaway Golf team and employees for their hard work and commitment to turning this business around.

“In Q3, we delivered impressive revenue growth. On a constant currency continuing business basis, our year-over-year revenues increased 38% for Q3 and are up 13% for the first 9 months. We are confident this growth significantly outpaced our industry, which has experienced soft market conditions for the year in whole, especially in North America and Europe.”

Shares in the Company jumped in response to the news which also stated that gross profit margin jumped to 34% from 21% in Q3 2012.

Management now suggests that full-year revenue will be $836m – up  from $810m-$820m.

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