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Callaway Golf Company (ELY: NYSE) announced that full year net sales for 2008 are estimated to be $1.117 billion compared to $1.125 billion in 2007. The resident of the New York Stock Exchange said it expects diluted earnings per share to range from $0.93 to $0.95 (on 63.8 million shares outstanding) for 2008. The company will release its full results on Tuesday, January 27.
"As we begin 2009, we are anticipating continued adverse global economic conditions and are encountering significant headwinds from unfavorable foreign currency exchange rates which we expect will have a significant effect on our international results in 2009,"stated George Fellows, President and CEO of Callaway Golf. "Despite these macroeconomic conditions, which are beyond our control, our brands and our operations remain strong. We have our strongest line-up of new products ever for 2009, we continue to benefit from the many gross margin and operational initiatives we have implemented over the past three years, and we will continue to drive incremental gross margin savings as we embark on our next round of initiatives in 2009. Additionally, as we demonstrated in 2008, we will carefully manage our costs and inventories throughout the year and will take the necessary actions to maximize our financial results for our shareholders in whatever economic conditions persist."
The company will release its operating results on Tuesday, January 27th and will be in a position to speak about the year ahead for its business prospects.