When Nike Inc. (NYSE: NKE) released its fiscal second-quarter financial results after the markets closed on Thursday, the company said that it had $0.52 in earnings per share (EPS) and $9.37 billion in revenue. That compared with consensus estimates of $0.46 in EPS and $9.17 billion in revenue, as well as the $0.46 per share and $8.55 billion posted in the same period of last year.
In terms of the revenue breakdown, Nike brand revenues increased 14% to $8.9 billion on a currency neutral basis, while revenues from Converse increased 6% to $425 million.
During the second quarter, Nike repurchased a total of 16.1 million shares for roughly $1.3 billion as part of its four-year, $12 billion program.
On the books, Nike’s cash, cash equivalents and short-term investments totaled $4.0 billion at the end of the quarter, $2.3 billion lower than last year as share repurchases, dividends, repayment of notes and investments in infrastructure more than offset net income.
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The company offered no guidance for the fiscal third quarter. However, the consensus estimates call for $0.72 in EPS and $9.62 billion in revenue.
Mark Parker, board chair, president and CEO, commented:
NIKE’s ambitious digital transformation is driving strong results and momentum in North America and in our international geographies. We’re incredibly energized about 2019 – with a full innovation pipeline; the most personal, responsive retail experiences in the industry; and a supply chain that’s delivering speed at scale.
Shares of Nike closed Thursday at $67.53, in a 52-week range of $60.13 to $86.04. The consensus analyst price target is $87.06. The stock was up about 8% at $72.88 in early trading indications Friday.
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