Callaway Sees Q2 Income Rise After Selling Off Unprofitable Brands
Callaway Golf posted net income of $10M ($0.12 a share) for Q2, a period which is "typically one of the strongest in golf as warmer weather brings out players." That is up from income of $3M in the year-ago period. Sales were $250M, down from $281M in Q2 '12. Lower sales "stemmed in part from Callaway selling off its money losing Top Flite and Ben Hogan brands in April 2012." Results were roughly in line with Wall Street projections of $253.2M in sales and $0.11 in earnings per share (SAN DIEGO UNION-TRIBUNE, 7/26).