Skechers U.S.A. (NYSE:SKX – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.200-4.250 for the period, compared to the consensus EPS estimate of 4.170. The company issued revenue guidance of $8.9 billion-$9.0 billion, compared to the consensus revenue estimate of $8.9 billion. Skechers U.S.A. also updated its Q4 guidance to $0.70-$0.75 EPS.
Analyst Upgrades and Downgrades
Several brokerages have commented on SKX. Barclays upped their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. TD Cowen dropped their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Stifel Nicolaus raised their target price on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Wedbush boosted their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Bank of America cut their price target on shares of Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $77.55.
Check Out Our Latest Analysis on Skechers U.S.A.
Skechers U.S.A. Stock Down 0.1 %
Skechers U.S.A. (NYSE:SKX – Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). 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 13.04% and a net margin of 6.90%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, equities research analysts expect that Skechers U.S.A. will post 4.15 earnings per share for the current year.
Skechers U.S.A. announced that its board has initiated a share buyback plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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.
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