Shares of Nike Inc. soared Thursday in the first day of trading after the company's better-than-expected first-quarter earnings report.

Nike late Wednesday reported a lower quarterly profit, due to a one-time tax benefit in the prior year. Excluding the item, profit rose 10 percent on stronger sales worldwide.

Total revenue rose 17 percent for the quarter, topping Wall Street expectations.

Standard & Poor's Equity Research reiterated its "Buy" rating on Nike Thursday, saying "We believe Beijing Olympics drove brand awareness and product innovation with new footwear and equipment products for all 28 sport categories where (Nike) participates."

The Beaverton, Ore., company's future orders are up 9 percent, which several analysts said will continue to drive share gains in the near future.

Citi Investment Research analyst Kate McShane wrote that Nike "has proved they can beat expectations both on the top and bottom line through innovation, diversification and discipline.

"We think the Nike story becomes even more attractive when you take their balance sheet into account. With over $3 billion in cash ... they have one of the strongest balance sheets in the sector."

Shares rose $6.23 or more than 10 percent, to $65.50 by afternoon trading Thursday.