Skechers U.S.A. (NYSE:SKX) Updates Q3 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.10-$1.15 for the period, compared to the consensus earnings per share estimate of $1.11. The company issued revenue guidance of $2.30-$2.35 billion, compared to the consensus revenue estimate of $2.22 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.080-4.180 EPS.

Skechers U.S.A. Trading Up 1.6 %

Shares of NYSE SKX traded up $1.02 during trading hours on Friday, reaching $64.73. The stock had a trading volume of 4,597,068 shares, compared to its average volume of 1,777,294. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09. The firm has a market cap of $9.87 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 0.91 and a beta of 1.25. The business’s fifty day moving average price is $69.15 and its two-hundred day moving average price is $64.13. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.03). The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. Skechers U.S.A.’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 EPS. Analysts expect that Skechers U.S.A. will post 4.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SKX. Wells Fargo & Company assumed coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They issued an overweight rating and a $83.00 price target for the company. Wedbush increased their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the company an outperform rating in a research report on Friday. 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. Barclays boosted their price target on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an overweight rating in a research report on Friday. Finally, Bank of America upgraded Skechers U.S.A. from a neutral rating to a buy rating and lifted their target price for the company from $71.00 to $87.00 in a research note on Friday, June 7th. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $76.08.

Insider Activity

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the transaction, the general counsel now owns 35,000 shares in the company, valued at approximately $2,430,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 24.75% of the company’s stock.

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.