Callaway Reports Q2 Earnings More Than 3x Higher Than 2012

The Carlsbad-based Callaway Golf Company Thursday reported second quarter net income of $10 million, compared to $3 million in the same period last year.

The performance equates to 12 cents per share of company stock, compared to no earnings per share in the second quarter of 2012, the company said.

Over the first half of the year, reported net income was $52 million, or 59 cents per share, compared to $35 million, or 41 cents per share, in the first six months last year.

Callaway President and CEO Chip Brewer lauded an increased market share in most areas.

"Our turnaround plan remains on track and we have been able to continue to grow our hard-goods market share despite market conditions that remained challenging during the quarter due to both continued adverse weather conditions and higher than normal promotional activity in both North America and Europe," Brewer said.

However, market conditions remain soft for golf equipment sales, which could affect revenue in the next two quarters, he said.

According to the company's earning report, sales revenue dropped from $566 million in the first two quarters last year to $537 million this year. That was offset by a reduction in operating expenses in the same periods, from $198 million in 2012 to $174 million in 2013.

–City News Service