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

Skechers U.S.A. (NYSE:SKX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $3.95-4.10 for the period, compared to the consensus EPS estimate of $3.90. The company issued revenue guidance of $8.725-8.875 billion, compared to the consensus revenue estimate of $8.78 billion. Skechers U.S.A. also updated its FY 2024 guidance to 3.950-4.100 EPS.

Skechers U.S.A. Stock Up 11.2 %

Shares of NYSE SKX traded up $6.59 during trading on Friday, hitting $65.41. 7,731,331 shares of the company traded hands, compared to its average volume of 1,687,796. The business’s fifty day moving average is $59.73 and its 200 day moving average is $58.04. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $69.07. The firm has a market capitalization of $10.03 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 1.07 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the business earned $1.02 earnings per share. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities research analysts predict that Skechers U.S.A. will post 3.81 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SKX has been the topic of several research reports. Wedbush upped their price objective on shares of Skechers U.S.A. from $68.00 to $76.00 and gave the company an outperform rating in a report on Friday. Evercore ISI lowered their target price on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a report on Wednesday, April 17th. Bank of America started coverage on shares of Skechers U.S.A. in a report on Friday, March 8th. They issued a neutral rating and a $67.00 target price on the stock. Monness Crespi & Hardt upped their target price on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a report on Thursday, January 18th. Finally, Barclays started coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They issued an overweight rating and a $71.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Skechers U.S.A. has an average rating of Moderate Buy and a consensus target price of $66.83.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $3,899,859.30. Following the completion of the transaction, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO David Weinberg sold 67,390 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the sale, the chief operating officer now directly owns 141,405 shares in the company, valued at $8,183,107.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark A. Nason sold 6,067 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the sale, the executive vice president now owns 14,023 shares of the company’s stock, valued at $856,945.53. The disclosure for this sale can be found here. Insiders sold a total of 254,875 shares of company stock valued at $15,021,192 in the last three months. Company insiders own 24.75% of the company’s stock.

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.