Callaway Golf stock rises after sales outlook raised, while supply chain disruption was mitigated

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Callaway Golf stock rises after sales outlook raised, while supply chain disruption was mitigated

Shares of Callaway Golf Co. ELY, + 3.81%, rose 4.7% in pre-hours trading Tuesday after the golf apparel, equipment and entertainment company raised its sales outlook, citing supply chain issues and alleviation a better than expected performance from its top golf business. The company increased its forecast range for third quarter revenue from $ 775 to $ 790 million to $ 850 to $ 860 million and 2021 revenue from $ 3.025 to $ 3.055 billion to $ 3.065 billion to $ 3.095 Billion dollars. FactSet’s consensus is for revenue of $ 782 million in the third quarter and revenue of $ 3.00 billion in 2021. The company said it was able to mitigate much of the supply disruption in Vietnam by shifting some of its manufacturing capacity to non-Vietnam suppliers and said its Topgolf business performance in July and August was above expectations , as well as the clothing stores TravisMathew and Jack Wolfskin. The stock is down 21.8% over the past three months through Friday while the S&P 500 SPX is up 7.3%, -0.23%.

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