Nike (NYSE:NKE) earnings for fiscal third quarter of 2020 have NKE stock heading higher after-hours Tuesday. That’s despite reporting diluted earnings per share (EPS) of 53 cents, which is below Wall Street’s estimate of 59 cents. However, the athletic wear company’s revenue of $10.1 billion comes in above analysts’ estimates of $9.8 billion.
Here’s what else is worth noting from the most recent Nike earnings report.
- Diluted per-share earnings are down 22.06% from 68 cents during the same time last year.
- Revenue for the quarter sitting 5.1% higher than the $9.61 billion in fiscal Q3 2019.
- The Nike earnings report also includes a net income of $847 million.
- That’s a 23% drop compared to its net income of $1.1 billion in the same period of the year prior.
John Donahoe, President and CEO of Nike, said this about the NKE stock earnings report.
“In an extraordinarily dynamic time, NIKE’s strong results are testament to our deep consumer connections, compelling product innovation and agile teams around the world. We know it’s in times like these that strong brands get even stronger. As we start to see recovery in China, no one is better equipped than NIKE to navigate the current climate.”
The Nike earnings report reveals that it plans to provide more updates on the effects of the coronavirus from China. It will do this via its conference call later today. That call starts at 5:00 p.m. Eastern Time.
NKE stock was up 8.45% after markets closed Tuesday and were up 15.18% at the close.
As of this writing, William White did not hold a position in any of the aforementioned securities.