Skechers USA (NYSE:SKX) Posts Earnings Results, Beats Estimates By $0.16 EPS

Skechers USA (NYSE:SKX) posted its earnings results on Thursday. The textile maker reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.16, RTT News reports. Skechers USA had a net margin of 6.72% and a return on equity of 14.80%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Skechers USA updated its Q3 2019 guidance to $0.65-0.70 EPS and its Q3 guidance to $0.65-0.70 EPS.

Shares of NYSE:SKX opened at $39.01 on Friday. Skechers USA has a 12 month low of $21.45 and a 12 month high of $40.50. The stock’s 50-day moving average is $31.57. The company has a current ratio of 2.91, a quick ratio of 2.00 and a debt-to-equity ratio of 0.43. The company has a market cap of $6.14 billion, a price-to-earnings ratio of 18.49, a P/E/G ratio of 2.75 and a beta of 0.72.

Several research firms have recently weighed in on SKX. Morgan Stanley upped their target price on shares of Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $42.00 target price (up previously from $35.00) on shares of Skechers USA in a report on Friday. They noted that the move was a valuation call. UBS Group upped their target price on shares of Crowdstrike from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday. They noted that the move was a valuation call. Stifel Nicolaus reaffirmed a “buy” rating and issued a $2,300.00 target price on shares of Amazon.com in a report on Friday. Finally, OTR Global raised shares of Skechers USA from a “mixed” rating to a “positive” rating in a report on Thursday, July 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $37.33.



In other Skechers USA news, EVP Mark A. Nason sold 13,191 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $32.00, for a total transaction of $422,112.00. Following the sale, the executive vice president now owns 86,943 shares of the company’s stock, valued at approximately $2,782,176. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard Rappaport sold 3,000 shares of the stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $31.29, for a total transaction of $93,870.00. Following the sale, the director now directly owns 23,000 shares in the company, valued at approximately $719,670. The disclosure for this sale can be found here. In the last three months, insiders have sold 92,690 shares of company stock worth $2,900,456. Insiders own 28.08% of the company’s stock.

A number of large investors have recently modified their holdings of SKX. FNY Investment Advisers LLC bought a new stake in Skechers USA during the 1st quarter worth about $33,000. Hanseatic Management Services Inc. bought a new stake in Skechers USA during the 2nd quarter worth about $43,000. Quantamental Technologies LLC bought a new stake in Skechers USA during the 1st quarter worth about $49,000. Meeder Asset Management Inc. grew its holdings in Skechers USA by 1,569.0% during the 1st quarter. Meeder Asset Management Inc. now owns 3,338 shares of the textile maker’s stock worth $112,000 after acquiring an additional 3,138 shares during the last quarter. Finally, Machina Capital S.A.S. bought a new stake in Skechers USA during the 2nd quarter worth about $120,000. 76.45% of the stock is currently owned by hedge funds and other institutional investors.

Skechers USA Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

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Earnings History for Skechers USA (NYSE:SKX)

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