Callaway Golf Company has announced A 22 percent one-year increase in sales (from $288 million to $352 million) and a 30 percent increase in earnings per share (61 cents, up from 47 cents) for the first quarter of 2014. The boost is attributed to an increase in sales driven by double digit growth in woods (+33 percent), irons (+29 percent), and golf balls (+24 percent). Additionally, income from operations increased 54 percent to $62 million, driven by the increased sales and improvements in gross margins of 160 basis points, which more than offset an increase of $13 million in operating expenses and a $9 million decrease in other income. The 2014 results benefited from a $4 million decrease in pretax charges related to the cost reduction initiatives that were completed in 2013. The Company was able to achieve these significantly improved financial results despite adverse changes in foreign currency rates, which negatively impacted 2014 sales by $6 million, a $9 million dollar decrease in other income/expense resulting primarily from adverse changes in foreign currency contract values, and a $4 million increase in stock compensation expense as a result of increases in the Company’s stock price.