Carlsbad-based Callaway Golf Co. Wednesday reported third quarter net income of $3 million, or 3 cents per diluted share, compared to a loss of $6 million, or 6 cents per diluted share, in the same period last year.
The provider of golf equipment said net sales for the quarter was $244 million, or $56 million above the same part of 2016.
“Our third quarter results continue what has been a tremendous year for Callaway,” said President and CEO Chip Brewer.
He said sales, gross margins and earnings before interest, tax, depreciation and amortization have all increased this year.
“Furthermore, our success over the last couple of years has allowed us to reinvest in our business, including investments in our golf ball plant, and in sales, marketing and research and development, and it has provided us with the wherewithal to acquire the OGIO and TravisMathew brands,” Brewer said. “We believe these investments and acquisitions will provide benefits for years to come.”
He said improving fundamentals have also led company executives “to be cautiously optimistic about the golf industry overall.”
For the first nine months of this year, Callaway reported $60 million in net income, or 62 cents per share, compared to $67 million, or 70 cents per share, in the first three quarters last year. Strong sales gains were offset by higher expenses due to the acquisitions and tax rate changes, according to the company.
— City News Service
