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Wednesday, May 25, 2022

NIKE, Inc. (NKE) stock gained in the After-hours; here is why?

NIKE, Inc. (NKE) stock gained in the after-hours market after announcing its third quarter of 2022 results in a press release. NKE’s stock price is $137.51, gaining more than 5.6% compared to the previous closing price. NKE stock closed at $130.19 at the end of the last trading session. NKE stock volume traded in the last trading session was around 7.30 million shares. The current market cap of the company is about $205.87 billion.


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NKE: Q3 2022 Key Financials

  • NIKE’s revenue in Q3 2022 was $10.87 billion. It is an increase of more than 5% compared to the revenue of $10.35 billion in Q3 2021.
  • Its gross margin was 46.6% in Q3 2022, slightly greater than 45.6% in Q3 2021.
  • The company’s net income in Q3 2022 was around $1.3 billion, less than compared to the net income of $1.4 billion in Q3 2021.
  • The Q4 2022 basic earnings per share were $0.88, compared to EPS of $0.92 in Q3 2021.
  • Strong free cash flow, offset mainly by share repurchases and cash dividends, pushed the cash and equivalents and short-term investments to $13.5 billion, an increase of nearly $939 million from the previous year.

NKE: Shareholder Returns

NIKE has a proven track record of investing for growth and improving shareholder returns, including 20 years of rising dividends. NIKE returned about $1.7 billion in dividends to stockholders in the most recent three months of the fiscal year. Dividends of $484 million were given to the shareholders, up 13% from last year.

The Board of Directors announced a $15 billion, four-year share buyback program in June 2018, which resulted in the retirement of 8.1 million shares during the third quarter. By the end of February 2022, 68.9 million shares had been repurchased, totaling $7.6 billion in repurchases.

Conclusion

The company has reported a solid financial statement. NIKE is keen on delivering the value back to its shareholders in the form of dividends. The company has announced a dividend payment plan for their shareholder that is 12% up from the third quarter of 2021.

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