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Nike (NKE) Beats and Rallies After Hours

Sep 29 2009

Nike (NKE) Beats and Rallies After Hours

Nike reported their most recent close after the close of trading today and beat the street with cost cutting on weaker revenue. A conservative forecast didn’t stop traders from buying shares in after-hours trading.

Quarterly Earnings

Nike Inc (NKE) made $513 million in profit or $1.04 a share compared to estimates of 97 cents a share. This was a slight improvement to what the company earned a year ago during the same quarter, $510 million or $1.03 a share. The revenue during the quarter is a slightly different story as it actually fell 12% down to $4.8 billion.

Future Orders

Nike also isn’t too optimistic about the current quarter which extends into the holiday season. Future orders are anticipated to be down 6% compared to last year’s same winter quarter. The stock has rallied from $53.31 on September 2nd to a three month high of $60.09 at the close today. This run-up doesn’t necessarily correlate well with the overall news tonight.

Analysts see revenue and earnings slightly negative for the next couple of quarters while the current price to earnings ratio is 19.83. This is not a situation that should persist. If future orders do not improve, look for the stock to fall over time.

(c) 2009 FastSwings.com

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