Higher sales lift Callaway to profit
From Times Wire Reports
High-end golf club maker Callaway Golf Co. said it swung to a third-quarter profit on higher sales of its new products.
Net income rose to $1.3 million, or 2 cents a share, from a loss of $11.9 million, or 18 cents, during the same period last year, the Carlsbad company said. Revenue rose 22% to $235.5 million.
Excluding one-time items, net income for the quarter was 6 cents a share, ahead of 2 cents a share expected by analysts surveyed by Thomson Financial.
Shares rose 12 cents to $16.39 in after hours trading after closing down $1.05 at $16.27.
