Skechers U.S.A. (NYSE:SKX) Issues Q4 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its fourth quarter earnings guidance on Thursday. The company provided EPS guidance of $0.70-$0.75 for the period, compared to the consensus EPS estimate of $0.76. The company issued revenue guidance of $2.165-$2.215 billion, compared to the consensus revenue estimate of $2.21 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.200-4.250 EPS.

Skechers U.S.A. Stock Performance

Shares of SKX stock traded down $2.42 during trading hours on Friday, hitting $59.21. The stock had a trading volume of 6,649,372 shares, compared to its average volume of 1,871,951. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The firm has a market capitalization of $9.03 billion, a PE ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22. The stock’s 50 day moving average is $65.98 and its 200 day moving average is $66.11. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.93 earnings per share. As a group, research analysts forecast that Skechers U.S.A. will post 4.15 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has authorized a stock buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

SKX has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Morgan Stanley raised their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday. Barclays increased their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday. Wedbush boosted their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $78.09.

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.