Callaway Golf Co. said late Thursday that it no longer expects earnings in the second half of the year to be higher than last year, and estimated a sales decline of 15% to 17% for the year.
The maker of golf clubs and balls said its outlook stems from macroeconomic factors and an aggressive promotional environment in many of its key markets. Analysts surveyed by Thomson Reuters currently expect a 16% yearly revenue decline to $937 million. The company also expects second-quarter net sales of $302 million, down 17% from the year-ago period in part because of pressure from changes in foreign currency exchange rates. It forecast second-quarter, per-share earnings of 10 cents compared with 58 cents a year ago.
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