Nike Q1 EPS Tops Estimates As Investors Rally (NKE)
Investors must have been anticipating this one.
Nike (NYSE: NKE) is up more than five percent in after hours trading, but the stock began to grow minutes before the company's first-quarter results were announced.
Nike's Q1 EPS came in at $0.86 -- $0.08 higher than the Wall Street estimate of $0.78.
Earnings per share were up 34 percent from the year-ago period.
Revenue came in at $6.97 billion versus the unusually accurate Street estimate of $6.97 billion.
Sales were up eight percent year-over-year.
Nike also announced that worldwide futures orders were up eight percent, which was in-line with analyst expectations. If currency changes were excluded, reported orders would have been two percent higher at 10 percent.
On a per-region basis, Nike's reported futures orders came to 11 percent for North America, 12 percent for Western Europe, 25 percent for Central and Eastern Europe, three percent for Greater China, and one percent for emerging markets. In Japan, Nike's reported futures orders are currently at negative 19 percent.
"We had a great first quarter driven by our unrelenting commitment to delivering innovative products and services to athletes around the world," Mark Parker, President and CEO of Nike, Inc., said in a company release. "Our powerful portfolio of businesses combined with unmatched leadership and resources allows us to capitalize on opportunities that drive long-term value for our shareholders. I am more excited than ever about our potential to continue to innovate with purpose, and fuel Nike's growth."
Nike has had a good year, rising more than 32 percent year-to-date. The stock has performed particularly well in September, rising nearly eight percent during this month alone.
Nike's growth stretches beyond 2013, however. The company has grown fairly consistently over the last five years, rising more than 117 percent since September 2008.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.