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

Skechers U.S.A. (NYSE:SKX) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.70-$0.75 for the period, compared to the consensus 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.

Analyst Upgrades and Downgrades

SKX has been the topic of a number of research analyst reports. Morgan Stanley lifted their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday. TD Cowen reduced their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Bank of America dropped their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday. Barclays lifted their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. presently has a consensus rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Down 3.9 %

Skechers U.S.A. stock traded down $2.42 during midday trading on Friday, hitting $59.21. 6,649,372 shares of the company were exchanged, compared to its average volume of 1,871,951. The company has a market cap of $9.03 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The company’s fifty day moving average price is $65.98 and its 200-day moving average price is $66.11. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 earnings per share. On average, research analysts predict that Skechers U.S.A. will post 4.15 EPS for the current fiscal year.

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

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.