Golf giant Callaway reports gains
CARLSBAD (CNS) – Carlsbad-based golf equipment maker Callaway Inc. Thursday reported net income of $58 million, or 66 cents a share, in the first nine months of this year, despite a slight dip in the third quarter.
The earnings for 2014 to date for the maker of Big Bertha clubs reflect an increase of $27 million over the first nine months of last year.
The third quarter of this year saw a net loss of $1 million, or 1 cent per share, compared to a net loss of $21 million, or 32 cents per share, during the same period of 2013.
“Overall, we are pleased with our results for the third quarter and first nine months,” said Chip Brewer, Callaway’s president and CEO. “While challenging market conditions have made sales growth in the first nine months of this year more difficult than we would have liked, we are encouraged by our market share gains and are confident that we are outperforming the industry.”
He said actions taken over the last couple of years have made the company operate more efficiently, which boosted profitability.
“We believe we are well-positioned for the balance of 2014 and for 2015,” Brewer said.
Callaway said an improved outlook for the industry and some new product launches should lead to a strong fourth quarter. The firm boosted its full-year sales projection to $890 million, which would be a 6 percent increase over last year.
If the outlook holds, Callaway could produce its first profitable full year since 2008, the company reported.