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

Skechers U.S.A. (NYSE:SKX) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $3.95-4.10 for the period, compared to the consensus earnings per share estimate of $3.90. The company issued revenue guidance of $8.725-8.875 billion, compared to the consensus revenue estimate of $8.78 billion. Skechers U.S.A. also updated its FY 2024 guidance to 3.950-4.100 EPS.

Skechers U.S.A. Trading Up 11.2 %

SKX stock traded up $6.59 during midday trading on Friday, reaching $65.41. The company’s stock had a trading volume of 7,731,331 shares, compared to its average volume of 1,687,796. The business’s 50-day simple moving average is $59.73 and its 200-day simple moving average is $58.04. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $69.07. The stock has a market cap of $10.03 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 1.07 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.23. The business 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 13.76% and a net margin of 7.17%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the company earned $1.02 EPS. As a group, sell-side analysts expect that Skechers U.S.A. will post 3.81 EPS for the current year.

Wall Street Analyst Weigh In

SKX has been the subject of several recent analyst reports. Raymond James lowered their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a research note on Monday, February 5th. TD Cowen upped their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a research report on Wednesday, March 6th. Bank of America assumed coverage on Skechers U.S.A. in a report on Friday, March 8th. They set a neutral rating and a $67.00 target price on the stock. Evercore ISI lowered their price target on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating for the company in a report on Wednesday, April 17th. Finally, Stifel Nicolaus cut their price objective on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating on the stock in a report on Friday, February 2nd. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $66.83.

Insider Activity

In related news, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the completion of the transaction, the chief executive officer now owns 196,050 shares in the company, valued at $11,345,413.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the sale, the chief executive officer now owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Michael Greenberg sold 25,282 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $1,544,983.02. Following the transaction, the president now directly owns 123,441 shares of the company’s stock, valued at $7,543,479.51. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock worth $15,021,192 over the last ninety days. Insiders own 24.75% of the company’s stock.

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.