Callaway Golf Co. on Thursday announced first quarter net income of $36 million, or 39 cents per diluted share, compared to $55 million, or 61 cents per diluted share, in the same period last year.
Net sales totaled $284 million, $68 million less than the first three months of 2014, according to Callaway, which cited the strengthening dollar’s impact on foreign currency exchange rates.
Company officials said they had already anticipated a decrease after shifting the launch schedules of some products.
The company said sales over the full year could be $15-20 million less than initially forecast.
“Although sales for the first quarter were slightly lower than we expected, overall I feel good about the business and our continued progress,” said Chip Brewer, Callaway president and CEO. “Our brand momentum and market shares continue to improve and our profitability exceeded our expectations due in part to continued improvements in our manufacturing and supply chain along with tight cost management.”
Callaway returned to profitability for a full year in 2014 — for the first time in six years — and was able to stay in the black in this year’s first quarter despite the adverse market conditions. Brewer said he expected a smoother marketplace in the rest of 2015.
— City News SErvice