Callaway crushes it

Shares in Callaway jumped after the golf club maker posted record first-quarter sales that pushed profits far beyond what Wall Street was expecting.

California-based Callaway Golf Co. earned $2.19 per share in the period, more than 18 times the 12 cents per share analysts had projected. With weather warming up, the company said surging demand from golfers hoping for a more normal season pushed sales to

$652 million during the quarter.

Callaway said business at its recent acquisition, driving range entertainment company Topgolf, is also exceeding expectations.

“Our golf equipment business is continuing to experience unprecedented demand, while our soft goods business and Topgolf business are recovering from the pandemic faster than anticipated,” said CEO Chip Brewer.

Callaway shares rose 13.2% to close at $33.89 on Tuesday.