Net income slipped 18% to $81,416,000 from $99,372,000, lapping last year’s pre-tax gain from the FootJoy joint venture deconsolidation, as revenues increased 7% to $752,975,000 from $703,372,000 in the seasonally important first quarter. Constant-currency sales grew 5%, with the increase driven by euro strength against the dollar. Adjusted EBITDA, which excluded the one-time gain last year and many other expenses, grew 4% to $144.6 million. Gross margin narrowed by 80 basis points to 47.2%, mostly from higher tariffs, while SG&A was up in line with revenues, as selling expenses increased.

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