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Callaway Golf Q1 profit falls 34.0% YOY

Callaway Golf Co. said its normalized net income for the first quarter came to 25 cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

EPS decreased 34.5% year over year from 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.4 million, a decline of 34.0% from $35.5 million in the year-earlier period.

The normalized profit margin fell to 8.2% from 10.1% in the year-earlier period.

Total revenue fell 19.2% on an annual basis to $284.2 million from $351.9 million, and total operating expenses decreased 14.8% year over year to $247.2 million from $290.2 million.

Reported net income fell 34.5% from the prior-year period to $37.1 million, or 39 cents per share, from $56.5 million, or 61 cents per share.