Stock Alert: Callaway Golf Company Down 7%

(RTTNews) - Shares of golf equipment maker Callaway Golf Company (ELY) are down more than 7% on Tuesday morning. The company has reported wider loss in the fourth quarter. ELY is currently trading at $18.99 and has been in the range of $14.50- $22.33 in the past one year.

Net loss in the fourth quarter widened to $29.2 million or $0.31 per share from $28.5 million or $0.30 per share loss last year. Adjusted loss per share narrowed to $0.26 from $0.32 last year. Analysts polled by Thomson Reuters were expecting loss of $0.23 per share.

Adjusted loss per share included a $9 million ($0.09 per share) increase in other expenses primarily due to increased interest expense related to the purchase financing for the Jack Wolfskin acquisition in January 2019.

Net sales, however, increased to $311.9 million from $180.7 million in the comparable quarter last year. This was helped by the acquisition of Jack Wolfskin, which contributed $81 million in net sales in the fourth quarter.

For the full-year, the company expects net sales to be in the range of $1.750 billion- $1.780 billion and EPS to be in the range of $0.82 - $0.94. Analysts see earnings of $1.2 on revenue of $1.78 billion.