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

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

Wall Street Analyst Weigh In

SKX has been the topic of several recent analyst reports. Wedbush upped their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Bank of America decreased their price objective 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. Barclays upped their target price on Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Evercore ISI increased their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $77.55.

Skechers U.S.A. Trading Down 0.1 %

SKX traded down $0.04 during trading on Thursday, hitting $61.63. 3,080,982 shares of the company’s stock were exchanged, compared to its average volume of 1,847,306. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a market cap of $9.39 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22. The stock has a 50 day moving average price of $66.17 and a 200 day moving average price of $66.13. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $75.09.

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

Skechers U.S.A. declared that its board has approved a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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.