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

Skechers U.S.A. (NYSE:SKX) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 4.200-4.250 for the period, compared to the consensus EPS estimate of 4.170. The company issued revenue guidance of $8.9 billion-$9.0 billion, compared to the consensus revenue estimate of $8.9 billion. Skechers U.S.A. also updated its Q4 guidance to $0.70-$0.75 EPS.

Skechers U.S.A. Price Performance

Shares of Skechers U.S.A. stock traded down $2.41 during trading on Friday, hitting $59.23. 6,641,117 shares of the company were exchanged, compared to its average volume of 1,871,951. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average price of $65.98 and a 200 day moving average price of $66.11. The stock has a market capitalization of $9.03 billion, a price-to-earnings ratio of 15.59, a P/E/G ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the firm posted $0.93 EPS. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, equities analysts expect 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 plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft lifted their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research report on Friday. TD Cowen cut their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Barclays lifted their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Evercore ISI upped their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus 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.