Although Callaway Golf (NYSE: ELY) reported solid earnings and upped guidance after the bell, the stock has moved down in after hours trading. The reason for this sell-off, according to press reports, is the fact that the company's new guidance is still below the analysts' consensus for yearly EPS and revenues.

On the quarter, Callaway was roughly in-line with estimates -- they missed EPS estimates by a penny but matched revenue expectations. For the year, Callaway expects to earn 78-84 cents per share, an increase from previous guidance, but still below the consensus estimate of 89 cents per share. The fact that the company didn't up guidance all the way to analyst expectations is nothing surprising in my experience, very few companies actually match expectations in guidance.

As I mentioned in an earlier post, I think the play in golf stocks is Adams Golf (OTC: ADGO). The stock is trading for roughly half Callaway on almost every metric and I'm very bullish on the future of the company's hybrid irons.

Disclosure: Kevin Kelly is long Adams Golf.