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

Skechers U.S.A. (NYSE:SKX) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.08-$4.18 for the period, compared to the consensus estimate of $4.12. The company issued revenue guidance of $8.875-$8.975 billion, compared to the consensus revenue estimate of $8.89 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.080-4.180 EPS.

Analyst Ratings Changes

A number of brokerages have commented on SKX. Stifel Nicolaus increased their target price on Skechers U.S.A. from $81.00 to $83.00 and gave the company a buy rating in a report on Friday. Evercore ISI lifted their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an outperform rating in a research note on Friday. Deutsche Bank Aktiengesellschaft restated a buy rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Bank of America raised shares of Skechers U.S.A. from a neutral rating to a buy rating and raised their target price for the stock from $71.00 to $87.00 in a research note on Friday, June 7th. Finally, Wedbush increased their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an outperform rating in a report on Friday. Fourteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $76.08.

Skechers U.S.A. Trading Up 1.6 %

Shares of NYSE SKX traded up $1.01 during mid-day trading on Friday, reaching $64.72. 4,598,539 shares of the company’s stock were exchanged, compared to its average volume of 1,979,548. The company’s 50-day moving average is $69.15 and its 200-day moving average is $64.14. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The firm has a market capitalization of $9.87 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 0.92 and a beta of 1.25. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.10%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the previous year, the company earned $0.98 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. Analysts expect that Skechers U.S.A. will post 4.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total transaction of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at $2,430,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.75% of the stock is currently owned by corporate 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.