Callaway Golf narrows loss for 4th quarter

Callaway Golf Co. reported a narrower fourth-quarter loss, attributing it to restructuring initiatives.

For the three months ended Dec. 31, the Carlsbad, Calif., maker of golf clubs and balls posted a loss of $10.2 million, or 15 cents a share, compared with a loss of $18.7 million, or 27 cents, a year earlier. Revenue increased 6.4% to $179.9 million.

Excluding one-time items, Callaway posted a loss of 11 cents a share, compared with a loss of 22 cents a year earlier.

Analysts surveyed by Thomson Financial had expected a loss of 13 cents a share on revenue of $173.3 million.

Callaway shares fell 1 cent to $16.76 in extended trading after gaining 9 cents to close at $16.77.