Skechers U.S.A. (NYSE:SKX) Releases Q4 2024 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.700-0.750 for the period, compared to the consensus earnings per share estimate of 0.750. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.200-4.250 EPS.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX traded down $2.42 during trading on Friday, hitting $59.21. 6,649,372 shares of the company’s stock were exchanged, compared to its average volume of 1,871,951. The business’s 50-day simple moving average is $65.98 and its 200 day simple moving average is $66.11. The company has a market cap of $9.03 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the business posted $0.93 earnings per share. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, equities analysts predict that Skechers U.S.A. will post 4.15 EPS for the current year.

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

Analyst Ratings Changes

SKX has been the topic of a number of research analyst reports. Evercore ISI boosted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. TD Cowen lowered their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Wedbush boosted their price target on shares of 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. Morgan Stanley upped 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. Finally, Bank of America dropped their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price 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.