Nike NKE released its Q3 earnings results on Thursday after the closing bell. The company reported net income of $523 million or $1.08 per share, compared to $497 million or $1.02 per share in the year ago period. This compared to Wall Street consensus EPS estimates of $1.11.
Revenues came in at $5.08 billion, which was a 7% increase from $4.73 billion in the year ago quarter. This missed analysts' consensus revenue estimates of $5.17 billion.
Gross margins declined 110 basis points to 45.8% versus 46.9% in last year's third quarter. The company attributed the margin compression, in part, to higher product costs and elevated freight costs.
Future orders for Nike footwear and apparel scheduled for delivery between March and July totaled $7.9 billion, which is a 11% increase compared to Q3 of 2010.
In the after hours trading session, NKE shares have lost 5.63% to $80.60.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
