Wednesday, Callaway Golf Co. (ELY), a manufacturer of golf clubs and golf balls, reported an increase in its second quarter earnings from last year helped by lower expenses, even as revenues declined year over year. The company also reaffirmed its fiscal 2008 guidance.
The Carlsbad, California-based company's net income for the second quarter of $37.12 million or $0.58 per share was up from $36.64 million or $0.53 per share in the year-ago quarter.
Excluding charges for gross margin improvement initiatives, net income rose to $40.07 million or $0.63 per share from $37.83 million or $0.55 per share in the prior-year quarter.
On average, 14 analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.62 per share for the quarter.
Net sales for the quarter declined 4% to $366 million from $380 million last year. Ten Wall Street analysts had a revenue consensus of $366.78 million.
Operating expenses for the second quarter decreased to $110.8 million from $113.0 million in 2007. Income tax provision for the quarter was $20.58 million compared to $23.59 million previous year.
For the six-month period, net income increased to $76.77 million or $1.19 per share from $69.48 million or $1.01 per share last year. Total revenues for the six-month period increased to $0.73 billion from $0.71 billion a year ago.
Looking ahead, the company continues to expect full-year sales in the range of $1.145 to $1.165 billion and adjusted earnings in the range of $1.08 to $1.18 per share. Street currently expects earnings of $1.09 per share for the year on revenue of $1.14 billion.
ELY closed Wednesday's regular trading session at $13.63, down $0.04 or 0.29%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.