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Tuesday, Mar 19, 2024
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Quarter Proves Kinder to Callaway Golf

Callaway Golf Co. reported first quarter net profit of $17.7 million, more than double the $6.8 million in net income for the first quarter of 2009, the golf club maker said April 29.

Revenue at the Carlsbad firm rose 11 percent from the prior year’s first quarter to $303 million. The number beat analysts’ forecasts.

CEO George Fellows said Callaway sales increased despite the fact poor weather delayed the opening of the golf season in many of its key regions.

Fellows called the quarter a good step for the company in recovering. Last year revenue at Callaway fell to $951 million from $1.1 billion in 2008, and it took a loss.

Shares of Callaway, traded on the New York Stock Exchange under ELY, fell 66 cents April 30 to $9.39. Its 52-week range is $4.66 to $10.19.

— Mike Allen

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