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

Skechers U.S.A. (NYSE:SKX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 4.200-4.250 for the period, compared to the consensus 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.

Analysts Set New Price Targets

SKX has been the topic of a number of recent analyst reports. Barclays increased their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. TD Cowen cut their price target on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Bank of America decreased their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday. Evercore ISI upped their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Morgan Stanley boosted their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock traded down $2.42 during midday trading on Friday, hitting $59.21. 6,649,372 shares of the company’s stock were exchanged, compared to its average volume of 1,871,951. The firm’s 50 day simple moving average is $65.98 and its 200 day simple moving average is $66.11. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the firm posted $0.93 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities research analysts predict that Skechers U.S.A. will post 4.15 EPS for the current year.

Skechers U.S.A. declared that its board has authorized a share repurchase plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is 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.