Callaway Golf Co.’s stock tumbled 9.1% in active afternoon trade Friday, after the gold equipment seller’s disappointing fourth-quarter results. Volume of 2.9 million shares in recent trade was more than triple the full-day average. The company said late Thursday it swung to a profit of $1.28 a share from a loss of 33 cents a share, because of the reversal of a deferred tax valuation allowance. Excluding that, the adjusted loss of 18 cents a share missed the FactSet consensus for a loss of 17 cents a share. Revenue rose to $164 million from $153 million, but missed the Fact Set consensus of $171 million. Woods sales of $29.5 million missed the FactSet consensus of $37 million, irons sales of $39 million were below expectations of $48 million and golf balls sales of $31.2 million was just shy of the FactSet consensus of $31.9 million, while putters sales of $14.0 million beat expectations of $13.6 million. Callaway’s stock has run up 18.5% over the past 12 months, while the S&P 500 has climbed 20.1%.
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