Callaway Golf Co. said its fourth-quarter normalized net income came to a loss of 20 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 36 cents per share.

The per-share loss narrowed 36.3% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $18.7 million, compared with a loss of $24.7 million in the prior-year period.

The normalized profit margin increased to negative 12.2% from negative 18.4% in the year-earlier period.

Total revenue climbed 13.9% year over year to $153.3 million from $134.6 million, and total operating expenses climbed 5.2% from the prior-year period to $182.7 million from $173.7 million.

Reported net income totaled a loss of $36.0 million, or a loss of 39 cents per share, compared to a loss of $45.6 million, or a loss of 59 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 15 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14 cents.

EPS declined 14.1% from 17 cents in the prior year.

Normalized net income was $12.5 million, a fall of 7.3% from $13.5 million in the prior year.

Full-year total revenue fell from the prior-year period to $843.8 million from $886.9 million, and total operating expenses declined on an annual basis to $816.9 million from $856.2 million.

The company said reported net income declined 8.2% on an annual basis to $14.4 million, or 17 cents per share, in the full year, from $15.7 million, or 20 cents per share.