Callaway Golf stock surges after revenue outlook raised, with supply chain disruption mitigated

Shares of Callaway Golf Co. surged 4.7% in premarket trading Tuesday, after the golf apparel, equipment and entertainment company raised its revenue outlook, citing the mitigation of supply chain issues and a better-than-expected performance of its Topgolf business. The company raised its guidance range for third-quarter revenue to $850 million to $860 million from $775 million to $790 million and for 2021 revenue to $3.065 billion to $3.095 billion from $3.025 billion to $3.055 billion. The FactSet consensus is for third-quarter revenue of $782 million and for 2021 revenue of $3.00 billion. The company said it has been able to mitigate much of the Vietnam supply disruption by shifting some production capacity to non-Vietnam suppliers, and said its Topgolf business performance ahead of expectations in July and August, as did its TravisMathew and Jack Wolfskin apparel businesses. The stock has tumbled 21.8% over the past three months through Friday, while the S&P 500 has gained 7.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Callaway Golf stock surges after revenue outlook raised, with supply chain disruption mitigated
Shares of Callaway Golf Co. surged 4.7% in premarket trading Tuesday, after the golf apparel, equipment and entertainment company raised its revenue outlook, citing the mitigation of supply chain issues and a better-than-expected performance of its Topgolf business. The company raised its guidance range for third-quarter revenue to $850 million to $860 million from $775 million to $790 million and for 2021 revenue to $3.065 billion to $3.095 billion from $3.025 billion to $3.055 billion. The FactSet consensus is for third-quarter revenue of $782 million and for 2021 revenue of $3.00 billion. The company said it has been able to mitigate much of the Vietnam supply disruption by shifting some production capacity to non-Vietnam suppliers, and said its Topgolf business performance ahead of expectations in July and August, as did its TravisMathew and Jack Wolfskin apparel businesses. The stock has tumbled 21.8% over the past three months through Friday, while the S&P 500 has gained 7.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.