Skechers U.S.A. (NYSE:SKX) Announces Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Skechers U.S.A. (NYSE:SKX) announced its quarterly earnings results on Thursday. The textile maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11, Briefing.com reports. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.93 EPS.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $59.21 on Friday. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $75.09. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average is $65.98 and its 200 day moving average is $66.11. The company has a market capitalization of $9.03 billion, a P/E ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. announced that its board has authorized a stock repurchase program on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SKX. Barclays lifted their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Bank of America lowered their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday. Stifel Nicolaus raised their target price on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft upped 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 lifted 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 research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Skechers U.S.A. has a consensus rating of “Buy” and an average price target of $78.09.

About Skechers U.S.A.

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.