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Callaway Golf (ELY: NYSE) will release its first quarter operating results later today once financial markets close for trading. Those that follow the company closely are anticipating a potential sluggish start due largely to factors beyond its control. For example, Pellucid Corp., recently reported Midwestern Designated Marketing Area’s (DMA) Golf Playable Hours are down approximately 84% from last year and 75% below normal. “If ELY was executing to perfection, it would still be impossible to overcome weather that eliminates 75% of the playable hours,” wrote Gilford Securities analyst Casey Alexander, to investors. He also pointed out that a weak Japanese Yen could also impact Callaway’s sales and earnings. “Last year ELY did $42MM in revenues in Japan. If revenues in Japan were flat, the yen would then have a $6MM negative impact,” he added. Even with potential currency hedging, it’s expected to be a negative for the company just as the weather patterns over the first quarter of 2013.