Skechers U.S.A. (NYSE:SKX) Releases FY 2024 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 3.950-4.100 for the period, compared to the consensus estimate of 3.900. The company issued revenue guidance of $8.7 billion-$8.9 billion, compared to the consensus revenue estimate of $8.8 billion. Skechers U.S.A. also updated its FY24 guidance to $3.95-4.10 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Raymond James lowered their target price on Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a report on Monday, February 5th. Bank of America assumed coverage on Skechers U.S.A. in a report on Friday, March 8th. They issued a neutral rating and a $67.00 target price for the company. Monness Crespi & Hardt upped their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a report on Thursday, January 18th. Evercore ISI lowered their target price on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating for the company in a report on Wednesday, April 17th. Finally, TD Cowen upped their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Skechers U.S.A. has a consensus rating of Moderate Buy and an average target price of $66.83.

Skechers U.S.A. Stock Up 11.2 %

NYSE:SKX traded up $6.59 on Friday, hitting $65.41. The stock had a trading volume of 7,731,331 shares, compared to its average volume of 1,687,796. The business’s fifty day moving average is $59.73 and its 200 day moving average is $58.10. The company has a market cap of $10.03 billion, a PE ratio of 17.21, a P/E/G ratio of 1.19 and a beta of 1.32. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $69.07.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.23. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a return on equity of 13.76% and a net margin of 7.17%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 earnings per share. On average, equities research analysts expect that Skechers U.S.A. will post 4.06 EPS for the current fiscal year.

Insider Activity

In other news, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $370,754.37. Following the transaction, the executive vice president now owns 14,023 shares in the company, valued at $856,945.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $61.11, for a total value of $370,754.37. Following the transaction, the executive vice president now owns 14,023 shares of the company’s stock, valued at $856,945.53. The transaction 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 business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the transaction, the chief executive officer now directly owns 196,050 shares in the company, valued at approximately $11,345,413.50. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock worth $15,021,192 over the last 90 days. 24.75% of the stock is currently owned by corporate insiders.

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.