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Just as the NCAA basketball tournament kicks off, Nike got the chance to prove it still deserves a top seed among sportswear companies and it did so with style.

On Thursday after the market closed, Nike released its third quarter earnings, beating Wall Street estimates. Nike logged earnings per share of $0.76 vs. $0.72 estimated and revenues of $6.97 billion vs. $6.68 billion estimated.

The always important future orders scheduled for delivery rose to $10.9 billion, 12% higher than a year ago. That growth rate would have been higher if not for currency weakness in emerging markets and Japan. Gross margins also grew to 44.5%, benefiting from higher average prices and an expanding direct to consumer business.

"Our strong Q3 results demonstrate our relentless focus on delivering innovations that resonate with consumers," CEO Mark Parker said in a statement. "Despite macroeconomic challenges, Nike delivers consistent results because we focus on the biggest opportunities for growth while we manage risk across our diverse global portfolio. This is how we continue to drive long term value for our shareholders."

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