Callaway Golf Company (ELY) shares rallied 7.75% to close at $32.25 in the after-market on Monday, May 10, 2021. Earlier, ELY’s stock lost 3.85% to close Monday’s session at $29.93. ELY shares have surged 115.17% over the last 12 months, and they have moved up by 3.03% in the past week. Over the past three months, the stock has lost 5.70%, while over the past six months, it went up 72.71%.
Let’s see is there any reason behind its flip on Monday.
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Financial result announcement
On May 10, 2021, Callaway Golf Company reported its financial results for the first quarter ended March 31, 2021.
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Q1 2021 financial highlights
- Callaway net revenue for the first quarter was $652 million compared to $442 million for the same period in 2020.
- GAAP income from operations was $76 million in Q1 20201 compared to $41 million in the first quarter of 2020.
- Non-GAAP income from operations was $97 million in Q1 2021 compared to $43 million in Q1 2020.
- For the first quarter of 2021, the net expenses were $244 million compared to a net expense of $3 million in the first quarter of 2020.
- Q1 2021, fully diluted GAPP earnings per share were $2.19, compared to fully diluted earnings per share of $0.30in Q1 2020.
- Non-GAAP first quarter 2021 fully diluted earnings per share were $0.62, compared to $0.32for the first quarter of 2020.
- Adjusted EBITDA was $128 million in Q1 2021 compared to $60 million in Q1 2020.
Callaway merger with Topgolf
On March 8, 2021, Callaway Golf Company and Topgolf International, Inc. announced the completion of their previously announced on October 27, 2020. The combined enterprise creates an unrivalled tech-enabled golf company delivering leading golf equipment, apparel, and entertainment worldwide.
The combined company will be headquartered in Carlsbad, California with Topgolf continuing to operate from its headquarters in Dallas, Texas.
Officially launch of Chrome Soft X LS Golf Ball
On March 2, 2021, Callaway Golf Company officially announced their new Chrome Soft X LS Golf Ball. It promotes low spin for max distance, with Tour-level short game control, and expands the popular Chrome Soft Golf Ball lineup.
Q4 & FY 2020 financial results
On February 11, 2021, Callaway Golf reported its financial results for the fourth quarter and the year ended December 31, 2020.
Q4 2020 financial results
- Q4 2020 net sales were$375 million compared to $312 million for the same period in 2019.
- ELY gross margin was 37.1% in Q4 2020 compared to 41.7% in Q4 2019.
- The non-GAAP gross margin was37.2% compared to 42.4% for the fourth quarter of 2019.
- Operating expenses were $171 million in Q4 2020 compared to $153 million in Q4 2019.
- GAAP loss per share was $0.43 in Q4 2020, compared to a loss per share of $0.31for the fourth quarter of 2019.
Conclusion
The ELY stock surged after the company’s Q1 financial results beat the estimates. ELY share price can further rise in the coming days.
