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Pro-Trader Daily: Earnings Review and Free Research Report: Callaway Golf's Net Sales Surged 30%; Reported Profit on a Y-O-Y Basis

Research Desk Line-up: Sportsman's Warehouse Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 22, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Callaway Golf Co. (NYSE: ELY), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=ELY, following the Company's disclosure of its third quarter fiscal 2017 operating results on October 25, 2017. The maker of golf equipment and accessories outperformed top- and bottom-line expectations, and also raised its sales guidance for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Sporting Goods industry. Pro-TD has currently selected Sportsman's Warehouse Holdings, Inc. (NASDAQ: SPWH) for due-diligence and potential coverage as the Company announced on November 16, 2017, its financial results for Q3 2017 which ended on October 28, 2017. Register for a free membership today, and be among the early birds that get access to our report on Sportsman's Warehouse when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ELY; also brushing on SPWH. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/'symbol=ELY

http://protraderdaily.com/optin/'symbol=SPWH

Earnings Reviewed

For the third quarter of the fiscal year 2017, Callaway Golf's net sales surged 30% to $244 million compared to $188 million for Q3 2016, due to the strength of the Company's product line in 2017, including the continued success of the current year EPIC driver and fairway woods, increased golf ball sales, and increased net sales of gear, accessories, and others. Callaway Golf's revenue numbers topped analysts' expectations of $211.1 million.

During Q3 2017, Callaway Golf's Golf Clubs segment's sales jumped 21%; Golf Balls segment's sales gained 20%; and Gear, Accessories, and Other segment's sales soared 72% on a y-o-y basis. The increase in the Golf Clubs and Golf Balls segments' sales reflected the continued success of the Company's EPIC line of products as well as the Chrome Soft golf ball franchise. The increase in Gear, Accessories and Other segment's sales primarily reflected the successful acquisitions of the OGIO and TravisMathew brands which were completed in 2017.

During Q3 2017, Callaway Golf's gross margin was 43.1% compared to 42.0% in Q3 2016, an increase of 110 basis points, primarily due to a favorable shift in product mix towards the higher margin EPIC woods and irons, combined with overall higher average selling prices.

For Q3 2017, Callaway Golf's operating expenses increased $15 million to $99 million compared to $84 million for Q3 2016, due to the addition of operating expenses from the consolidation of the OGIO and TravisMathew businesses; and higher variable expenses due to the increase in sales and $3 million in TravisMathew and OGIO non-recurring deal-related expenses.

Callaway Golf's earnings per share (EPS) was $0.03 in Q3 2017 compared to a loss per share of $0.06 per share in Q3 2016. On a non-GAAP basis, which excludes the impact of the non-recurring OGIO and TravisMathew deal-related expenses, and applies an estimated tax rate of 38.5% to 2016 pre-tax income, the Company would have reported EPS of $0.05 for the reported quarter compared to a loss per share of $0.03 for Q3 2016. Callaway Golf's earnings beat Wall Street's estimates for a loss of $0.05 per share.

Cash Matters

Callaway Golf's cash and equivalents were $82 million at the end of Q3 2017, down $43 million on a y-o-y basis. This includes the impact of the OGIO acquisition completed in January 2017, the impact of the TravisMathew acquisition completed in August 2017, and the stock repurchases. The Company had $71 million of borrowings at quarter end compared to no borrowings a year ago.

Callaway Golf's available liquidity was $195 million at quarter end compared to $212 million a year ago. The Company's consolidated net accounts receivable were $152 million, down 4% on a y-o-y basis. Callaway Golf's inventory balance increased 19% to $187 million at the end of Q3 2017, driven primarily by the additional inventory from TravisMathew and OGIO.

Callaway Golf's capital expenditure was $17 million for the first nine months of 2017, up $5 million on a y-o-y basis, mainly due to investments in its ball plant. The Company's depreciation and amortization expenses were $13 million in the first nine months of 2017, while it repurchased 1.5 million shares of stock for approximately $16 million in cash during the same period.

Outlook

For the fiscal year 2017, Callaway Golf is forecasting net sales to be in the range of $1.03 billion to $1.04 billion, resulting in net sales growth of 18% - 19% on a y-o-y basis. The Company is forecasting non-GAAP EPS to be in the band of $0.47 to $0.51, and capital expenditure to be approximately $25 million to $30 million.

Stock Performance

Callaway Golf's share price finished yesterday's trading session at $14.55, advancing 1.32%. A total volume of 912.39 thousand shares have exchanged hands. The Company's stock price surged 10.31% in the last three months, 14.21% in the past six months, and 17.81% in the previous twelve months. Additionally, the stock soared 32.76% since the start of the year. Shares of the Company have a PE ratio of 7.63 and have a dividend yield of 0.27%. The stock currently has a market cap of $1.36 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

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SOURCE: Pro-Trader Daily

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