Nike (NKE – Free Report) just released its third-quarter financial results, posting adjusted earnings of $0.68 per share and revenues of $8.98 billion.
Nike is currently a Zacks Rank #3 (Hold). Nike shares had climbed 23% over the last year. However, Nike’s stock price dipped marginally in the last week and sunk nearly 3% Thursday in the lead up to its Q3 earnings release—to hover roughly $4 below its 52-week high of $70.25 per share.
The stock is currently up over 4.5% to $67.4 per share in after-hours trading shortly after its earnings report was released.
Earnings. The company posted adjusted earnings of $0.68 per share, which beat the Zacks Consensus Estimate of $0.52 per share. However, Nike’s adjusted earnings don’t include a negative $1.25 per share impact from the new Republican tax law.
Beat revenue estimates. The company saw revenue figures of $8.98 billion, topping our consensus estimate of $8.83 billion.
Nike’s overall revenues jumped 7% from $8.43 billion in the year-ago period. Meanwhile, the sportswear giant’s highly important North American market faced continued declines, as sales fell 6% from the year-ago period.
Luckily, Nike’s growth in key international markets, including a 24% surge in Greater China, boosted overall sales.
“Nike’s Consumer Direct Offense drove strong double-digit growth across our international geographies, led by Greater China,” CEO Mark Parker said in a statement.
“As we close Q3, we now see a significant reversal of trend in North America, as momentum accelerates through the scaling of new innovation platforms and differentiated Nike Consumer Experiences expand across the marketplace.”
Here’s a graph that looks at NKE’s Price, Consensus and EPS Surprise history:
NIKE, Inc. Price, Consensus and EPS Surprise
Nike, based near Beaverton, Oregon, is a leading designer, marketer and distributor of athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities.