Callaway Says Earnings Are Below Expectations

Callaway Golf Co. said preliminary earnings for its first-quarter were below analysts’ expectations because of an 18% drop in sales.

The company said it earned 26 cents to 28 cents a share, based on sales of $300 million. The figures compare with profit of 59 cents and sales of $364 million a year earlier.

From Bloomberg News

* Monsanto Co. said fiscal second-quarter profit more than doubled on sales of corn and soybean seeds and Roundup weed killer. Net income rose to $373 million, or $1.37 a share, from $154 million, or 57 cents, a year earlier. Sales rose 27% to $1.91 billion.

* Clothing retailer J. Crew Group Inc. said its fiscal fourth-quarter loss widened because of debt refinancing expenses. The loss was $52 million, compared with $20 million a year earlier, the closely held company said. Sales rose 26% to $264 million.