MOLINE, Ill. -- Fortune Brands, Inc. (NYSE: FO), whose companies include Titleist, FootJoy and Pinnacle brands in golf, reported earnings per diluted share increased 66 percent to $2.21 for the quarter. Excluding one-time items, diluted EPS from continuing operations was $1.11, down 17 percent. Net sales were off 10 percent at $1.92 billion.

"Despite the adverse impact of the sustained U.S. housing correction, the global credit crisis, and weakening consumer confidence, we delivered on our third-quarter earnings target and also made significant progress positioning Fortune Brands for future growth," said Bruce Carbonari, chairman and chief executive officer of Fortune Brands.

Double-digit sales gains for the company's golf brands in key Asian markets partly offset soft U.S. and European demand for golf products, officials said.

For the quarter ended Sept. 30, the golf segment reported $307.9 million in net sales, as compared to $318.6 million in the year-ago period, for a loss of 3.4 percent. Operating income for the quarter was $24 million, a drop of 20 percent from the $30 million reported in the same period a year ago.

For the first nine months of 2009, the golf segement reported $1,156.7 million in net sales. That is a 0.3 percent decrease from the $1,160.3 million in net sales reported at the same time last year. Operating income for the first nine months was $143.6 million vs. 172.2 million a year ago, a drop of 16.6 percent. "To capitalize on these opportunities in the current environment, we're very carefully targeting investments to build our brands through development of new products, new markets and expanded customer relationships," said Carbonari. "These initiatives are paying off in several ways. For example, we're driving revenue growth for our major premium spirits brands that outpaces case volume growth, we're fueling double-digit growth in key emerging markets for brands in each of our businesses, and we've developed a tremendous lineup of new golf products."