Callaway Golf, the Carlsbad maker of clubs and balls that’s been the subject of several buyout bids in recent months, announced a restructuring plan that includes cutting about 500 jobs, including 200 at its headquarters site, over the next five months.
The restructuring moves would save about $70 million over two years.
The company reported that for the third quarter that ends Sept. 30, it would sustain a net loss of 6 to 12 cents per share on sales of $215 million. That compares to a net loss of 53 cents per share on sales of $129 million for the same period last year.
Analysts had expected an adjusted net profit of 2 cents per share for the quarter.
Traded on the New York Exchange under ELY, shares closed at $14.53 on Sept. 29, up 7 cents from the previous day’s close. Its 52-week price range was $9.28 to $15.95.
Callaway said the restructuring will cost about $12 million, half of which it would record in the third quarter.
Callaway has about 3,200 employees, including some 2,000 working in Carlsbad.
Mike Allen