Carlsbad-based Callaway Golf Co. today announced a loss
of $21.1 million, or 32 cents per share, in the third quarter that ended
The company reported a loss of $86.8 million in the third quarter last
In the first nine months of 2013, the maker of golf equipment and
apparel reported earnings of $30.6 million, or 38 cents per share. In the first
nine months of 2012, the firm lost $52.2 million, or 91 cents per share.
"Market conditions during the third quarter were better than we had
anticipated as we entered the quarter, due in part to improvements in weather
and rounds played in both Europe and the Americas,'' said Chip Brewer,
Callaway's president and CEO.
"These market conditions, along with continued gains in market share in
our major markets and the realization of the benefits from the many actions
we have taken over the past year to improve our operations and reduce our
costs, have resulted in an increase in sales and operating income,'' Brewer
Sales totaling around $715 million through September were about the same
as the first three quarters last year, but expenses were much lower,
according to Callaway's financial report.
The year-to-date performance is evidence that turnaround efforts
instituted last year have been effective, but more work is needed to produce
acceptable results, Brewer said.
He said gains have been made this year despite lower exchange rates for
U.S. currency, adverse weather conditions and charges from the sale of the Ben
Hogan and Top-Flite brands.