#nike #ceo #elliotthill #yahoofinance
Nike (NKE) reported fiscal second quarter earnings beating Wall Street estimates on the top and bottom lines. The report marks the athletic wear company’s first quarterly results since Elliott Hill took over as CEO, offering insight into what investors can expect under the new leadership.
Williams Trading equity analyst Sam Poser joins Julie Hyman and Madison Mills on Morning Brief to discuss Nike’s earnings call and what’s next in Hill’s turnaround plan.
“The underneath-the-hood things were significantly [worse] than what we expected,” Poser says, noting, “That was all caused by the prior leadership.”
“The bigger surprise was the implied fourth quarter guidance where there’s going to be more headwinds,” the analyst says, adding, “None of this is new. All it was was exposed today.” He says the call was a “blunt assessment of where the company stood and what needed to be done,” which, while rare from the company, he found “very refreshing.”
Poser says he expects the turnaround will take 15 to 18 months from Hill’s start as CEO in October. He explains that, while the “near-term is a little bit worse” than investors may have realized, Nike “is being very aggressive and doing what they need to do.”
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
This post was written by Naomi Buchanan.
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