Skechers U.S.A. (NYSE:SKX) Issues FY24 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $4.08-$4.18 for the period, compared to the consensus EPS estimate of $4.12. The company issued revenue guidance of $8.875-$8.975 billion, compared to the consensus revenue estimate of $8.89 billion. Skechers U.S.A. also updated its Q3 guidance to $1.10-$1.15 EPS.

Skechers U.S.A. Trading Down 0.5 %

SKX traded down $0.31 during mid-day trading on Thursday, reaching $63.71. The stock had a trading volume of 3,326,826 shares, compared to its average volume of 1,755,111. The stock has a market capitalization of $9.72 billion, a P/E ratio of 16.85, a P/E/G ratio of 0.92 and a beta of 1.25. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The firm’s fifty day simple moving average is $69.31 and its two-hundred day simple moving average is $64.12. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. On average, equities analysts predict that Skechers U.S.A. will post 4.11 EPS for the current year.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of analyst reports. Evercore ISI cut their price target on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, April 17th. Wedbush reiterated an outperform rating and set a $76.00 target price on shares of Skechers U.S.A. in a report on Friday, May 17th. TD Cowen increased their target price on Skechers U.S.A. from $77.00 to $79.00 and gave the stock a buy rating in a report on Monday. Morgan Stanley upgraded Skechers U.S.A. from an equal weight rating to an overweight rating and increased their target price for the stock from $60.00 to $80.00 in a report on Tuesday. Finally, Barclays began coverage on Skechers U.S.A. in a report on Monday, April 1st. They set an overweight rating and a $71.00 target price for the company. Fourteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of Buy and an average price target of $74.77.

Insiders Place Their Bets

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the firm’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 completion of the sale, the general counsel now directly owns 35,000 shares in the company, valued at $2,430,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 24.75% of the company’s stock.

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.