Skechers U.S.A. (NYSE:SKX) Issues Q4 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.70-$0.75 for the period, compared to the consensus 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.

Wall Street Analysts Forecast Growth

SKX has been the subject of a number of analyst reports. Stifel Nicolaus upped their price target 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. Barclays boosted their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Deutsche Bank Aktiengesellschaft lifted their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Friday. Evercore ISI increased their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Morgan Stanley increased their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. Trading Down 3.9 %

NYSE SKX traded down $2.42 during trading hours on Friday, reaching $59.21. The company had a trading volume of 6,649,372 shares, compared to its average volume of 1,871,951. The stock has a 50-day moving average of $65.98 and a 200 day moving average of $66.11. The stock has a market capitalization of $9.03 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company 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 company earned $0.93 earnings per share. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, research analysts anticipate that Skechers U.S.A. will post 4.15 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are generally an indication 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.