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

Skechers U.S.A. (NYSE:SKX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 3.950-4.100 for the period, compared to the consensus earnings per share estimate of 3.900. The company issued revenue guidance of $8.7 billion-$8.9 billion, compared to the consensus revenue estimate of $8.8 billion. Skechers U.S.A. also updated its FY24 guidance to $3.95-4.10 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Raymond James lowered their target price on Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating on the stock in a research report on Monday, February 5th. Evercore ISI dropped their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, April 17th. Monness Crespi & Hardt lifted their price objective on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a report on Thursday, January 18th. Stifel Nicolaus lowered their target price on shares of 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. Finally, Wedbush reiterated an outperform rating and set a $68.00 price target on shares of Skechers U.S.A. in a research note on Friday, April 19th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $66.17.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock traded down $0.33 during mid-day trading on Thursday, hitting $58.82. 2,541,824 shares of the stock were exchanged, compared to its average volume of 1,648,149. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $65.17. The company has a 50-day simple moving average of $59.64 and a 200 day simple moving average of $57.91. The company has a market capitalization of $9.02 billion, a P/E ratio of 16.88, a P/E/G ratio of 1.08 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.04. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the business posted $0.48 earnings per share. Skechers U.S.A.’s revenue was up 4.4% on a year-over-year basis. Sell-side analysts anticipate that Skechers U.S.A. will post 3.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO David Weinberg sold 67,390 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the transaction, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at approximately $8,183,107.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following the sale, the chief operating officer now directly owns 141,405 shares in the company, valued at $8,183,107.35. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert Greenberg sold 99,139 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the transaction, the chief executive officer now directly owns 196,050 shares in the company, valued at approximately $11,345,413.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,875 shares of company stock valued at $15,021,192. 24.75% of the stock is owned by insiders.

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.