RTTNews | Feb 10, 2021 09:56PM EST

21:55 Wednesday, February 10, 2021 (RTTNews.com) - Callaway Golf Co. (ELY) reported that its fourth-quarter net loss widened to $40.58 million or $0.43 per share from last year's $29.22 million or $0.31 per share.

Non-GAAP loss per share for the quarter was $0.33 compared to loss per share of $0.26 for the fourth quarter of 2019. Analysts polled by Thomson Reuters expected the company to report a loss of $0.19 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Quarterly net sales increased 20% to $374.63 million from last year's $311.94 million, driven by a 40% increase in the golf equipment segment resulting from the continued high demand for golf products late into the year as well as the strength of the company's product offerings across all skill levels. Analysts expected revenue of $337.44 billion for the quarter.

Looking forward, the company anticipates COVID-19 will continue to negatively impact its business in 2021 given the continued government shutdown orders and other restrictions around the world, although to a lesser degree than in 2020.

The company anticipates that its continued brand momentum, increased demand for golf equipment and recovery in its soft goods business will continue into 2021 and therefore help mitigate that impact.

The company said it is cautiously optimistic as it enters 2021 and believes 2021 will be a stepping stone to more normal conditions and the resulting transformational growth it has projected for 2022.

ELY closed Wednesday's regular trading at $31.62 up $0.23 or 0.73%. But, in the after-hours trading, the stock dropped $3.17 or 10.03 percent.

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