Callaway Golf Co (NYSE:ELY) reported on Wednesday that it aims to lower its labor force by 12% as the golf equipment manufacturer requires streamline operations and concentrate on its key product lines.
Shares of Callaway Golf plunged 4.8% to settle at $5.39 in extended trading session as Callaway also revised its full-year forecast.
Golf equipment maker Callaway presently observes a full-year pro forma loss in the range of 55 cents to 75 cents per share. The corporation reported in April that it projected a major improvement in 2012 from the previous year pro forma loss of 63 cents per share.
Callaway projected adjusted earnings of 5 cents per share for the Q2, aligned with forecasts from Thomson Reuters analysts survey. Callaway forecasted revenue of $280 million for the previous quarter, lower than the $286 million forecasts from analysts.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Johnson Outdoors Inc. (NASDAQ:JOUT) fell -1.49% to settle at $20.53, Cybex International, Inc. (NASDAQ:CYBI) moved up +0.61% to end at $1.66 while Nautilus, Inc. (NYSE:NLS) plunged -3.30% to finish on Wednesday at $3.31.
Callaway Golf Co (NYSE:ELY) last session volume of 1.16 million shares was higher than its average volume of 287,268.00 shares. The stock after opening at $6.22 hit high price of $6.22 and then closed at $5.66 by scoring -8.71%.
ELY generated revenue of 886.03 million in the following twelve months and earned -$163.34 million. The Company showed a negative -17.25% in the net profit margin and as well as in its operating margin which remained -8.60%. Company’s annual sales growth for the past five year was -2.73%.
The ELY past twelve months price to sales ratio was +0.42 and price to cash ratio remained 7.12. As far as the returns are concern, the ELY return on equity was recorded as -26.21% and dropped -23.34% return on investment while its return on asset stayed at -16.87%.
The stock showed weekly downbeat performance of -8.86% which was maintained for the month at +2.54%. Likewise the negative performance for the quarter was recorded as -13.85% and for the year was -15.02% while the YTD performance remained at +2.72%.
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