The Carlsbad-based Callaway Golf Co. on Wednesday reported a third quarter net loss of $3.6 million, or 4 cents per share, compared to a loss of $1.1 million, or 1 cent per share, in the same period last year.
A 4 percent uptick in sales compared to the 2014 third quarter due to increasing market share was offset by, among other things, a nearly $9 million hike in expenses, the company reported.
President and CEO Chip Brewer said the company has made progress this year, with new products that are performing well in the marketplace.
“We have further strengthened our balance sheet, regained leadership in key product categories and markets, and our brand is sustaining its positive momentum,” he said.
Brewer said improving fundamentals in the golf industry, fueled in part by renewed interest in professional golf, has led to higher equipment prices and less need for promotion.
For the first nine months of this year, Callaway’s net income was $45 million, or 53 cents per diluted share, compared to $57.5 million, or 66 cents per diluted share, in the first three quarters of 2014.
— City News Service
