US: Callaway Q1 profit set to rise
- Estimated Q1 eps US$0.24, versus $0.11
- Net sales up 11% to $303m
- CEO “cautiously optimistic” about 2010 trading
Callaway Golf is poised to post a healthy increase in first quarter profit, boosted by a double-digit sales surge in the first three months of 2010.
The US company estimates that its first quarter sales were up 11% to US$303m, up 6% on a currency neutral basis as it benefited from exchange rates.
Estimated earnings per diluted share were $0.24, compared to $0.11 a year ago.
President and CEO George Fellows said the results reflected improving economic conditions, as well as Callaway’s continued investment in geographic expansion.
Poor weather had delayed the opening of the golf season in many key markets, he added, but the company expected golf spending to increase as the weather improved.
Expressing cautious optimism for the year ahead, Fellows said: “The pervasive discounting that occurred in 2009 has subsided, retail inventory levels are healthy, and we have received positive consumer feedback on our 2010 product line, buoyed by strong performance of these products on the various professional tours around the world.”
Full first quarter results will be released on 29 April, Callaway said.
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