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Callaway Golf Co. missed Wall Street’s net-income estimates by a penny per share Thursday, and the market didn’t like it.

Callaway reported fourth-quarter net income of $123.3 million, after the equipment manufacturer reported a loss in the same period last year. Callaway, based in Carlsbad, Calif., reported net income of $1.28 per share, but losses, adjusted for non-recurring gains, were 18 cents per share. That was 1 cent worse than analysts had forecast.

The stock was down 9 percent in after-hours trading, to $10.01 per share. Callaway had closed trading Thursday at $10.99, having climbed 29 percent in the past 12 months. The company’s 52-week high was $12.56, in November.