Nike Shares Surge To All Time High On Good Earnings
Nike (NKE) reported a good quarter ended February 28, 2010 after the close yesterday. Revenue of $4.7 billion was up 6.6% year over year but still not at the levels seen prior to the collapse of Lehman Brothers. Futures orders excluding currency changes were up 6% – the first increase since the quarter ending November 30, 2008. EBIT and net income were solid as well.
The stock has now almost doubled since its March lows to new all-time highs. Though it is still not terribly expensive. The stock is at $74.50. With $7 net cash on the balance sheet and $3.80 in EPS the last four quarters, that’s a trailing multiple of 17.8.
Disclosure: Top Gun has no position in Nike (NKE) shares.