Callaway Golf Co. reported nets sales for the first quarter of 2013 increased to $288 million as compared to $285 million for the same period in 2012. More important, the company reported earnings of $42 million versus $32 million the same period in $2012. The sales and earnings increase, according to Callaway, were spurred by its new X Hot product line of metal woods and irons and its new Versa putter line.
Callaway President Chip Brewer, while pleased with Q1, was cautious about the second quarter of 2013, a quarter in which most equipment companies see their highest sales.
“The second quarter always has a big impact on our ability to achieve our full year financial targets,” Brewer said. “With that said, the first quarter was an important first step in our multi-year turnaround plan and we are pleased to report our turnaround is on track.’’