Foreign exchange rates continue to dampen Callaway Golf Co.’s game, but the company is seeing more quarterly profit than last year.
The Carlsbad business reported net income of $12.8 million, or 15 cents per diluted share, on net sales of $230.5 million in the quarter ended June 30.
Callaway (NYSE: ELY) released its financial results July 29.
Nine analysts surveyed by Thomson/First Call collectively predicted earnings of 10 cents per share.
Callaway makes golf clubs and balls and also sells apparel. It posted lower earnings but slightly higher sales in the same quarter one year ago, with net income of $3.37 million, or 4 cents per diluted share, on net sales of $231.9 million.
The company decreased its revenue prediction for 2015, to the range of $830 million to $840 million. It increased its earnings per share guidance, ruling out a loss and calling for 1 cent to 6 cents per share.
“Foreign currency exchange rates and softer-than-expected market conditions in Asia have proved challenging this year,” said CEO Chip Brewer in a statement distributed to the media. “However, our brand momentum and market shares have continued to increase, we have made substantial progress improving our profitability, and our product pipeline remains robust.”