Skechers U.S.A. (NYSE:SKX) Issues Q4 2024 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.700-0.750 for the period, compared to the consensus EPS estimate of 0.750. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 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 $0.05 during trading on Thursday, reaching $61.62. The company had a trading volume of 3,372,481 shares, compared to its average volume of 1,848,637. The company has a market capitalization of $9.39 billion, a PE ratio of 16.52, a PEG ratio of 0.89 and a beta of 1.22. 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’s 50 day simple moving average is $66.17 and its two-hundred day simple moving average is $66.13. Skechers U.S.A. has a one year low of $45.58 and a one year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.98 EPS. Sell-side analysts forecast that Skechers U.S.A. will post 4.15 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Evercore ISI raised their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Bank of America lowered their target price on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a report on Monday, September 23rd. Wedbush upped their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. TD Cowen reduced their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Finally, Barclays boosted their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $77.55.

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.