Callaway Golf "posted a solid finish" to its '16, with Q4 and full-year "gains in sales and earnings despite sluggish growth in the U.S. and foreign currency headwinds," according to Mike Freeman of the SAN DIEGO UNION-TRIBUNE. Callaway on Thursday reported Q4 revenue of $164M, up 7% from the same period in '15. Callaway booked "unusually high net income" of $123M in Q4, which is "typically slow for golf." Callaway President & CEO Chip Brewer: "Market conditions have been choppy, with softness in both Asia and America. However, I think the market is becoming more rational, which bodes well for the long run.” Brewer added that Callaway "continues to gain market share from rivals in golf clubs and golf balls." That helped Callaway "navigate tough market conditions that saw retailers Golfsmith and Golf Town file for bankruptcy." Brewer noted that Callaway ended the year having a U.S. golf club market share topping 22% and golf ball market share of 13.8%. Looking ahead, the company "expects" revenue of $910M and $935M this year. Brewer said that much of the projected increase "comes from Callaway’s recent acquisition of backpack maker Ogio and a new apparel joint venture in Japan" (SAN DIEGO UNION-TRIBUNE, 2/3). At presstime, Callaway shares were trading at $10.01, down 8.96% from Thursday's close (THE DAILY).
