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 earnings per share guidance of 3.950-4.100 for the period, compared to the consensus earnings per share estimate of 3.900. The company issued revenue guidance of $8.7 billion-$8.9 billion, compared to the consensus revenue estimate of $8.8 billion. Skechers U.S.A. also updated its FY24 guidance to $3.95-4.10 EPS.

Analyst Upgrades and Downgrades

Several brokerages have commented on SKX. Evercore ISI cut their target price on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, April 17th. TD Cowen increased their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Wedbush increased their target price on Skechers U.S.A. from $68.00 to $76.00 and gave the company an outperform rating in a research note on Friday. Monness Crespi & Hardt raised their price target on Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a research note on Thursday, January 18th. Finally, Stifel Nicolaus dropped their price target on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating on the stock in a research note on Friday, February 2nd. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $66.83.

Skechers U.S.A. Stock Performance

NYSE SKX traded up $6.59 on Friday, hitting $65.41. 7,731,331 shares of the company traded hands, compared to its average volume of 1,687,796. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 1.19 and a beta of 1.32. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average price is $59.73 and its 200-day moving average price is $58.10. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $69.07.

Skechers U.S.A. (NYSE:SKX) last released its earnings results 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. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. Skechers U.S.A. had a return on equity of 13.76% and a net margin of 7.17%. Skechers U.S.A.’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 earnings per share. Equities analysts expect that Skechers U.S.A. will post 4.06 earnings per share for the current year.

Insider Activity at Skechers U.S.A.

In related news, EVP Mark A. Nason sold 6,067 shares of Skechers U.S.A. stock in a transaction on Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the transaction, the executive vice president now directly owns 14,023 shares in the company, valued at $856,945.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the sale, the executive vice president now directly owns 14,023 shares of the company’s stock, valued at $856,945.53. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert Greenberg sold 99,139 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the sale, the chief executive officer now directly owns 196,050 shares in the company, valued at $11,345,413.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,875 shares of company stock worth $15,021,192. Corporate 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.