Nike (NYSE:NKE) earnings for the athletic wear company’s fiscal first quarter of 2021 have NKE stock heading higher on Wednesday. That’s thanks to its diluted earnings per share of 95 cents easily beating out Wall Street’s estimate of 47 cents. The company’s revenue of $10.59 billion also comes in above analysts’ estimates of $9.15 billion.
Here are some additional highlights from the most recent Nike earnings report.
- Diluted per-share earnings are up 10% from 86 cents during the same time last year.
- Revenue for the quarter comes in 1% lower than the $10.66 billion reported in fiscal Q1 2020.
- The Nike earnings report also has it bringing in a net income of $1.52 billion.
- That’s an 11% increase over the company’s net income of $1.36 billion from the same period of the year prior.
John Donahoe, president and CEO of Nike, said this in the earnings report.
“Our results this quarter continue to demonstrate NIKE’s full competitive advantage, as we strengthen our position in the midst of disruption. In this dynamic environment, no one can match our pace of launching innovative product and our Brand’s deep connection to consumers. These strengths, coupled with our digital acceleration, are unlocking NIKE’s long-term market potential.”
Nike doesn’t include guidance in its current earnings report. That comes as no surprise with the novel coronavirus pandemic still ongoing. Many companies are withholding outlooks at this time.
NKE stock was up 8.7% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.