NEW YORK (TheStreet) -- Callaway Golf Co. (ELY - Get Report) stock is increasing 8.5% to $9.59 in after-hours trading on Wednesday after the golf equipment manufacturer reported earnings and revenue that surpassed estimates for the third quarter of 2015.

The company reported earnings of 7 cents per share for the quarter ended September 30, beating estimates of a loss of 8 cents per share.

Revenue increased 4% year-over-year to $175.78 million for the latest quarter, surpassing expectations of $169.74 million.

"Our new products continue to perform well in the marketplace," CEO Chip Brewer said in a statement. "We have further strengthened our balance sheet, regained leadership in key product categories and markets, and our brand is sustaining its positive momentum."

Additionally, Callaway Golf increased its 2015 earnings guidance to between 12 cents and 15 cents per share, from its previous outlook of 1 cent to 6 cents per share.

Revenue guidance was also raised to a range of $835 million to $840 million, from an $830 million to $840 million range.

Separately, TheStreet Ratings team rates CALLAWAY GOLF CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate CALLAWAY GOLF CO (ELY) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, solid stock price performance and expanding profit margins. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall.

You can view the full analysis from the report here: ELY

ELY Chart ELY data by YCharts