Callaway Net Income Drops on Lower Sales

Callaway Golf Co. said first-quarter earnings plunged 55% as sales fell on a plan to stagger new product releases this year. Last year, Carlsbad, Calif.-based Callaway released almost all of its new products in the first quarter.

Net income fell to $18.4 million, or 27 cents a share, from $40.5 million, or 59 cents, a year earlier, the company said. Sales fell 18% to $299.9 million.