Callaway Golf Co. (ELY) Updates FY16 Earnings Guidance

Callaway Golf Co. (NYSE:ELY) issued an update on its FY16 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.40-0.50 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.42. The company issued revenue guidance of $855-880 million, compared to the consensus revenue estimate of $869.03 million.Callaway Golf also updated its Q3 guidance to ($0.15)-(0.10) EPS.

Callaway Golf Co. (NYSE:ELY) remained flat at $10.43 during mid-day trading on Wednesday. 912,000 shares of the company traded hands. The company has a 50 day moving average of $10.31 and a 200-day moving average of $9.36. Callaway Golf Co. has a 52 week low of $7.97 and a 52 week high of $10.78. The stock has a market cap of $979.80 million and a PE ratio of 58.60.

Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. The company had revenue of $245.60 million for the quarter, compared to analyst estimates of $242.49 million. During the same quarter last year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities analysts forecast that Callaway Golf Co. will post $0.41 earnings per share for the current year.

Several research analysts recently weighed in on ELY shares. Vetr downgraded shares of Callaway Golf from a strong-buy rating to a buy rating and set a $11.21 price target for the company. in a research report on Monday, May 30th. Jefferies Group reaffirmed a buy rating on shares of Callaway Golf in a research note on Thursday, July 14th. Wunderlich dropped their price objective on shares of Callaway Golf from $10.00 to $8.00 and set a hold rating for the company in a research note on Monday, April 4th. SunTrust Banks Inc. raised shares of Callaway Golf from a neutral rating to a buy rating and upped their price objective for the company from $10.00 to $13.00 in a research note on Friday, May 13th. They noted that the move was a valuation call. Finally, Imperial Capital reaffirmed an outperform rating and set a $13.00 price objective on shares of Callaway Golf in a research note on Monday, May 9th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $12.32.

Callaway Golf Company designs, manufactures and sells golf clubs, golf balls, golf bags and other golf-related accessories. The Company has two segments: the golf clubs segment and golf balls segment. The golf clubs segment consists of its woods, hybrids, irons and wedges and Odyssey putters. This segment also includes other golf-related accessories, royalties from licensing of the Company’s trademarks and service marks and sales of pre-owned golf clubs.