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 EPS guidance of $0.70-$0.75 for the period, compared to the consensus EPS 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.

Skechers U.S.A. Price Performance

NYSE SKX traded down $2.41 during trading on Friday, reaching $59.23. 6,641,117 shares of the company traded hands, compared to its average volume of 1,871,951. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year 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’s 50 day moving average price is $66.17 and its two-hundred day moving average price is $66.13. The company has a market cap of $9.03 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 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 business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the previous year, the firm earned $0.93 EPS. Skechers U.S.A.’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, analysts anticipate that Skechers U.S.A. will post 4.15 EPS for the current year.

Skechers U.S.A. declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Morgan Stanley upped 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 note on Friday. Bank of America reduced their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday. Barclays raised their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. TD Cowen reduced their price objective 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. Finally, Evercore ISI raised their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company 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.