Nike has a track record of exceeding the Street’s earnings forecasts and another earnings beat could be just around the corner with the athletic apparel company reporting its third quarter fiscal 2023 results after the bell on Tuesday.
Nike has topped estimated by 16.48% on average in the last two quarters, according to Zacks Equity Research.
When the company posted its 2Q fiscal 2023 results, its earnings surprised on the upside with diluted earnings per share of $0.85, an increase of 2% year-over-year, coming in ahead of the Street’s expectation of $0.65.
Revenue also jumped 17% over the same quarter in the previous year to $13.3 billion, above the $12.57 billion consensus expectation.
For 3Q fiscal 2023, Nike is expected to report diluted earnings per share of $0.55 on revenue of $11.48 billion.
Analysts at Trefis have forecast Nike to post mixed results with revenue in line with expectations but earnings falling marginally short, leading to little movement in the stock.
Nike’s shares had added 0.4% to hit US$120.92 in New York on Monday afternoon.
Contact the author at emily.jarvie@proactiveinvestors.com
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