Callaway Golf Company ELY recently raised its financial outlook for the third quarter and full year 2021. Following the news, the company’s shares gained 3.9% during trading hours on Sep 7. In the past year, the stock has appreciated 45%, compared with the industry’s rally of 13.1%.For third-quarter 2021, the company anticipates net revenues in the range of $850 million to $860 million, compared with the prior estimate of $775-$790 million. In the third quarter of 2020 and 2019, the company reported net revenues of $476 million and $426 million, respectively.In third-quarter 2021, the company expects to report adjusted EBITDA in the range of $105 million to $110 million, up from the prior estimate of $51-$58 million. In the third quarter of 2020 and 2019, the company reported adjusted EBITDA of $87 million and $57 million, respectively.Image Source: Zacks Investment Research2020 GuidanceFor 2020, the company anticipates net revenues to be $3,065-$3,095 million, compared with the prior estimate of $3,025-$3,055 million. In 2020 and 2019, it reported net revenues of $1,590 million and $1,710 million, respectively. The company expects to report adjusted EBITDA in the range of $370 million to $390 million, up from the prior estimate of $345-$360 million. In 2020 and 2019, it reported adjusted EBITDA of $163 million and $210 million, respectively.The company’s upbeat view can primarily be attributed to mitigation of supply chain disruption. Due to Vietnam supply chain disruption, Callaway Golf has shifted some production capacity to non-Vietnam suppliers for a significant portion of the third quarter.It is benefiting from Topgolf business, mostly its walk-in and social events business. The company continues to witness robust demand for the golf equipment business.However, management informed that it has limited visibility in the rest of the year 2020 due to the ongoing coronavirus pandemic.Chip Brewer, president and CEO of Callaway Golf said “Looking ahead to 2022 and beyond, we are excited about the strong growth embedded within our unique platform of businesses and are committed to unlocking additional long-term value for our shareholders.”Zacks Rank & Key PicksCallaway Golf currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks worth considering in the same space include Vista Outdoor Inc. VSTO, Sturm, Ruger & Company, Inc. RGR and OneWater Marine Inc. ONEW. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Vista Outdoor has beat earnings estimates in each of the trailing four quarters, the average surprise being 70.1%.Sturm, Ruger & Company 2021 earnings is expected to witness growth of 69% year over year.OneWater Marine has beat earnings estimates in each of the trailing four quarters, the average surprise being 194.5%. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sturm, Ruger & Company, Inc. (RGR): Free Stock Analysis Report Callaway Golf Company (ELY): Free Stock Analysis Report Vista Outdoor Inc. (VSTO): Free Stock Analysis Report OneWater Marine Inc. (ONEW): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research