UPDATE 1-Callaway Q1 profit meets estimates, backs FY view
* Q1 adj EPS $0.25 in line with Street
* Q1 sales up 11 pct
* Says Q2 will be a better indicator of recovery
* Says it will take more than 2010 for recovery
* Backs full-year view
April 29 (Reuters) - Callaway Golf Co (ELY.N) reported a quarterly profit in line with estimates and backed its outlook for the current financial year, but the golf gear maker said the second quarter would be a better indicator of the scale of recovery in golfing markets.
The maker of Big Bertha clubs and balls, which saw sales decline last year as American golfers scaled back spending on the expensive sport amid the recession, still sees an adjusted profit of 25 cent to 35 cents a share on sales of $990 million to $1.05 billion for 2010.
Analysts on average were expecting the company to earn 30 cents a share on revenue of $1.02 billion, according to Thomson Reuters I/B/E/S.
Pent-up demand for equipment from golfers, who had reduced spending on the sport, has begun to benefit golf gear makers like Callaway, Fortune Brands Inc's FO.N Acushnet Co, Adidas AG's ADSG.DE TaylorMade unit and Nike Inc's (NKE.N) golf division.
"It will take more than 2010 for the golf industry and our business to recover fully," Callaway's Chief Executive George Fellows said in a statement.
The company earlier this month pre-announced its first-quarter profit.
Sales rose 11 percent to $303 million, despite inclement weather conditions delaying the opening of the golf season in many of the company's key regions.
For related alerts please double click [ID:nASA00AK6]
Shares of Carlsbad, California-based Callaway closed at $10.05 Thursday on the New York Stock Exchange. (Reporting by Viraj Nair in Bangalore; Editing by Anne Pallivathuckal) ((firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: email@example.com))
- Malaysian plane presumed crashed; questions over false IDs |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Malaysia signals missing plane has crashed; probes false IDs |