Callaway Drives up Outlook on Healthy Golf Market, Milder Tariffs
Dow Jones
Aug 05
1703 ET - Callaway bumps up its full-year outlook for both revenue and adjusted Ebitda, citing both its strong first-half results and general health of the golf market. CEO Chip Brewer says the maker of golf equipment and apparel remains "encouraged by overall market conditions and the continued resilience of the golf consumer," factors that are increasingly more relevant as Callaway is now a pure-play golf company since selling off its Topgolf driving range business earlier this year. The company adds that new tariff rates between 10% and 12.5% are actually better than the 20% it was expecting, dropping its total tariff expense forecast for the year by about $7 million. Shares, which had gained by about two-third this year, fall 2.9% in late trading.
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