Nike Earnings Run Past Forecasts; Shares Jump

Nike Logo
Getty Images

Nike reported earnings and revenue that beat Wall Street forecasts on Thursday, helped by easing materials costs and strong North American sales. The stock shot higher in after-hours trading.

The athletic footwear and apparel maker posted fiscal fourth-quarter earnings of 76 cents per share up from 59 cents per share a year earlier.

Nike said its gross margin increased to 43.9 percent, helped by "pricing actions" and easing materials costs.

Revenue rose 7.4 percent to $6.7 billion from $6.47 billion a year earlier.

Analysts were expecting Nike to post earnings of 74 cents per share for the fiscal fourth quarter on revenue of $6.64 billion, according to estimates from Thomson Reuters.

Future orders, a key growth metric, totaled $12.1 billion, 8 percent higher than orders reported for the same period last year. Future orders for China were up only 3 percent and were flat excluding currency changes.

What are shares of Nike doing now? (Click here for the latest after-hours quote)

This is a breaking news story. Please check back for updates.