Callaway Golf Company (NYSE: ELY) is 5.94% high during pre-hours trading at the price of $35.69 after the release of the second-quarter and first-half 2021financial report.
Q2 Tops Revenue
The report announced that total revenues for the quarter ended 30th June 2021 were $914 million, compared to $297 million for the same period in 2020. Net loss for the second quarter of 2021 was $92 million, or 0.47 per share. The net loss was $168 million, or $1.78 per share, for the same period in 2020. Analysts were expecting EPS of $0.01 on revenue of $744M.
CEO Chip Brewer remarked that he is extremely happy with the performance in this quarter, with record revenue in the golf equipment and apparel industries. Moreover, Topgolf’s results remained higher than the expectations. These results indicate the strong potential and extraordinary regulating achievement across all of their business segments, he added. He emphasized the strong consumer demand for their products and services. The interest in the sport of golf stays at an all-time high among both experienced golfers and new entrants to the sport, he further added.
Jon Rahm Won his First Major
On 21st June 2021, with an Epic Speed Driver, Chrome Soft X Golf Ball, and other Callaway appliances in his bag, Rahm earned a prominent championship triumph. The 26 years old golf player played remarkably from tee to green on the hard Torrey Pines setup. He struck clutch shots throughout his impressive final round 67, using the Callaway equipment.
Phil Mickelson Won Historic PGA Championship
Earlier on 25th May 2021, Mickelson led the elite field in Strokes Gained. He used his new Callaway apparatus included Epic Speed Driver, Irons, and a Chrome Soft X Triple Track Golf Ball. He drove the ball extraordinarily well throughout the championship and a 366-yard bomb at the 16th hole.
High Demand of Golf Equipment Boosts Q2 Earnings
The demand for both the Golf Equipment, Apparel, Gear & other segments remained high for golf and outdoor activities. It caused a higher-than-expected increment in net revenue. Additionally, Topgolf, which integrated with the Company in March 2021, also rendered higher-than-expected revenue growth.