Skechers U.S.A. (NYSE:SKX) Issues Q4 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.70-$0.75 for the period, compared to the consensus estimate of $0.76. The company issued revenue guidance of $2.165-$2.215 billion, compared to the consensus revenue estimate of $2.21 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.200-4.250 EPS.

Skechers U.S.A. Stock Down 3.9 %

NYSE SKX traded down $2.41 on Friday, reaching $59.23. The stock had a trading volume of 6,641,117 shares, compared to its average volume of 1,871,951. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $75.09. The business has a 50 day moving average price of $66.17 and a 200 day moving average price of $66.13. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $9.03 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 EPS. On average, analysts forecast that Skechers U.S.A. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has authorized a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have commented on SKX. Stifel Nicolaus increased their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Wedbush raised their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Bank of America cut their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft raised their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research report on Friday. Finally, Evercore ISI boosted their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.