<p>Nike (NYSE: NKE) profit for the third quarter of 2020 has the NKE share higher in the afternoon on Tuesday. This is despite reported diluted earnings per share (EPS) of 53 cents, which is below Wall Street‘s estimate of 59 cents. However, $ 10.1 billion in sportswear revenue exceeds analysts’ estimates of $ 9.8 billion.
Source: Square Box Photos / Shutterstock.com
Here’s what’s worth noting from the latest Nike performance report.
Earnings after dilution per share decreased by 22.06% from 68 cents during the same period last year. Revenue for the quarter was 5.1% higher than $ 9.61 billion in the third quarter of 2019. The Nike earnings report also includes a net profit of $ 847 million. This is a decrease of 23% compared to its net profit of $ 1.1 billion in the same period last year.
John Donahoe, President and CEO of Nike, said this about the NKE share performance report.
“In an extraordinarily dynamic time, NIKE’s strong results are a testament to our deep consumer connections, compelling product innovation and agile teams around the world. We know that in times like these, strong brands become even stronger. When we start to see recovery in China, no one is better equipped than NIKE to navigate the current climate. ”
The Nike results report reveals that it plans to provide more updates on the effects of coronavirus from China. It will do this through its conference call later today. That call begins at 5:00 p.m. Eastern Time.
The NKE share rose 8.45% after the markets closed on Tuesday and increased by 15.18% at the end.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/03/nike-earnings-boost-nke-stock-up/.
© 2020 InvestorPlace Media, LLC