Callaway Golf reported 20.1% year over year revenue growth in Q4’20, beating analysts’ estimates by 11.0 percentage points, as golf became more popular during the pandemic. The firm has aggressively managed its inventories down to 133 days of sales from 190 days a year earlier. The firm has, however, faced “increased freight costs associated with higher rates and higher mix of air shipments in order to meet demand”, and faces “temporary supply constraints caused by COVID-19 during the first quarter”. Freight costs are set to remain elevated by $13 million in 2021 according to the firm’s ...