Carlsbad-Based Callaway Golf Company Netted $190 Million In 2016

CARLSBAD, CA – Carlsbad-based Callaway Golf Company announced Thursday fourth quarter net income of $123 million, or $1.28 per diluted share, compared with a loss of $30 million, or 33 cents per share, in the same period of the prior year.

For 2016 as a whole, the golf equipment maker reported net income of $190 million, or $1.98 per diluted share, compared to $15 million, or 17 cents a diluted share, the year before.

The company credited an increase in sales, higher market share and a joint venture for apparel in Japan for overcoming soft market conditions.

Callaway President and CEO Chip Brewer called 2016 "an exciting and pivotal year" for the firm.

"We demonstrated continued ability to grow market share and top line revenue throughout the year by introducing engaging product with exceptional performance, while at the same time realizing operational efficiencies and judiciously capitalizing on investment opportunities," Brewer said.

Callaway also said it maintained its leadership position in U.S. golf club sales.

By City News Service / Image via Shutterstock