Callaway Warns Profit, Sales Will Miss Targets

Callaway Golf Co. warned that profit and revenue would miss Wall Street targets for the first quarter after the golf equipment maker delayed the release of products.

The Carlsbad, Calif.-based company said it was expecting earnings per share excluding items of 34 cents to 36 cents on net sales of about $300 million. The company is scheduled to report first-quarter results April 26. Analysts on average were forecasting earnings per share, before items, of 48 cents on revenue of $328 million, according to Reuters Estimates.

Callaway shares fell 39 cents to $16.90 and then dropped an additional 50 cents in after-hours trading. The warning was issued after the market close.