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

by · The Markets Daily

Skechers U.S.A. (NYSE:SKX – Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.200-4.250 for the period, compared to the consensus earnings per share 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 Ratings Changes

A number of equities analysts recently weighed in on SKX shares. TD Cowen lowered their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Wedbush boosted their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Stifel Nicolaus raised their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft boosted their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Morgan Stanley raised their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $78.09.

View Our Latest Stock Report on SKX

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX traded down $2.42 during trading on Friday, reaching $59.21. 6,649,372 shares of the stock were exchanged, compared to its average volume of 1,871,951. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09. The stock has a 50-day moving average price of $65.98 and a 200-day moving average price of $66.11. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a market cap of $9.03 billion, a PE ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX – Get Free Report) last released its quarterly earnings results 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. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 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 16.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 EPS. Research analysts expect that Skechers U.S.A. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has approved a stock 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 repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

About Skechers U.S.A.

(Get Free Report)

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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