UPDATE 1-Callaway gives lackluster Q2 outlook

Mon Jun 14, 2010 5:47pm EDT

* Q2 profit view lags analysts' expectations * Sees Q2 Sales $295-$305 mln vs est $328.2 mln * Shares fall 11 pct

June 14 (Reuters) - Callaway Golf Co (ELY.N) forecast a dismal second-quarter as the recovery in the U.S. golfing industry has not picked up as it had hoped, sending the golf gear maker's shares down 11 percent in after market trade.

The bleak forecast dampens hopes of a speedy U.S. recovery fueled by pent-up demand among golfers, who had scaled back spending on the sport during the recession.

The company, known for its Big Bertha range of clubs and balls, sees a profit of 10 cents a share to 15 cents a share, including a 1 cent a share charge.

Analysts on average were expecting earnings of 33 cents a share, according to Thomson Reuters I/B/E/S.

Net sales are expected to range between $295 million and $305 million, well below analysts' expectations of $328.22 million.

Shares of the Carlsbad, California-based company fell 11 percent to $6.75 in extended trade. They closed at $7.60 Monday on the New York Stock Exchange. (Reporting by Viraj Nair in Bangalore;Editing by Prem Udayabhanu) ((viraj.nair@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: viraj.nair.reuters.com@reuters.net))

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