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

Skechers U.S.A. (NYSE:SKX) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.700-0.750 for the period, compared to the consensus earnings per share 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 Down 3.9 %

Shares of SKX stock traded down $2.41 during trading on Friday, reaching $59.23. The company’s stock had a trading volume of 6,641,117 shares, compared to its average volume of 1,871,951. Skechers U.S.A. has a one year low of $45.58 and a one year high of $75.09. The business has a fifty day moving average price of $65.98 and a 200-day moving average price of $66.11. The company has a market cap of $9.03 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 EPS. Analysts anticipate that Skechers U.S.A. will post 4.15 earnings per share for the current year.

Skechers U.S.A. declared that its Board of Directors has authorized a share buyback program on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

SKX has been the subject of a number of recent analyst reports. Barclays raised their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Stifel Nicolaus raised their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Morgan Stanley upped their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday. TD Cowen cut their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Finally, Bank of America decreased their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $78.09.

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.