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

Skechers U.S.A. (NYSE:SKX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.08-$4.18 for the period, compared to the consensus earnings per share 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.

Skechers U.S.A. Stock Up 1.6 %

Shares of SKX traded up $1.01 during trading hours on Friday, hitting $64.72. The company had a trading volume of 4,598,539 shares, compared to its average volume of 1,979,548. The company has a market capitalization of $9.87 billion, a PE ratio of 17.03, a price-to-earnings-growth ratio of 0.90 and a beta of 1.25. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. Skechers U.S.A. has a one year low of $45.58 and a one year high of $75.09. The company’s fifty day moving average price is $69.15 and its two-hundred day moving average price is $64.13.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.03). The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.10% and a net margin of 6.90%. The company’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. As a group, equities analysts forecast that Skechers U.S.A. will post 4.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SKX shares. Deutsche Bank Aktiengesellschaft reaffirmed a buy rating and set a $82.00 target price on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Wedbush boosted their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an outperform rating in a research note on Friday. Stifel Nicolaus boosted their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a buy rating in a research note on Friday. Barclays boosted their price target on Skechers U.S.A. from $78.00 to $79.00 and gave the company an overweight rating in a research note on Friday. Finally, Evercore ISI boosted their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the company an outperform rating in a research note on Friday. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $76.08.

Insider Transactions at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the completion of the transaction, the general counsel now owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 24.75% of the company’s stock.

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.