Skechers U.S.A. (NYSE:SKX) Updates FY24 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $3.95-4.10 for the period, compared to the consensus earnings per share estimate of $3.90. The company issued revenue guidance of $8.725-8.875 billion, compared to the consensus revenue estimate of $8.78 billion. Skechers U.S.A. also updated its FY 2024 guidance to 3.950-4.100 EPS.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SKX. Raymond James dropped their price objective on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating on the stock in a research note on Monday, February 5th. Evercore ISI lowered their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research report on Wednesday, April 17th. Stifel Nicolaus reduced their target price on shares of Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a research note on Friday, February 2nd. TD Cowen boosted their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Finally, Monness Crespi & Hardt boosted their price objective on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a research note on Thursday, January 18th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $66.83.

Skechers U.S.A. Trading Up 11.2 %

NYSE:SKX traded up $6.59 during midday trading on Friday, reaching $65.41. 7,731,331 shares of the stock traded hands, compared to its average volume of 1,687,796. The company has a fifty day moving average of $59.73 and a 200 day moving average of $58.04. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $69.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38. The stock has a market capitalization of $10.03 billion, a P/E ratio of 17.21, a PEG ratio of 1.07 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The company had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the business posted $1.02 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. On average, research analysts predict that Skechers U.S.A. will post 3.81 EPS for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, CEO Robert Greenberg sold 99,139 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the transaction, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,067 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the transaction, the executive vice president now directly owns 14,023 shares of the company’s stock, valued at approximately $856,945.53. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert Greenberg sold 99,139 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the completion of the sale, the chief executive officer now directly owns 196,050 shares in the company, valued at $11,345,413.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,875 shares of company stock valued at $15,021,192. 24.75% of the stock is currently owned by company insiders.

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.