Net income nearly doubled to $60,867,000 from $31,443,000 in the second quarter on a 30% revenue expansion to $396,311,000 from $304,548,000. With most of its business in the U.S., ELY’s constant currency sales were up 28%, getting a small boost in Asia and a larger benefit in Europe from the weakening dollar. Gross margin slipped 10 basis points at 48.6% from higher golf ball production costs partially offset by higher ASPs. SG&A deleveraged 270 basis points to 29.9% of sales despite $19 million in additional spending, mostly on selling expenses and the addition of TravisMathew overhead. Effective tax rate was ... Log in to view full article.