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.

Analyst Ratings Changes

Several research firms have recently issued reports on SKX. TD Cowen raised their price objective on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Raymond James decreased their price target on Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating on the stock in a research note on Monday, February 5th. 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. Barclays began coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They set an overweight rating and a $71.00 price objective on the stock. Finally, Stifel Nicolaus dropped their price target on shares of Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a research report on Friday, February 2nd. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Skechers U.S.A. has a consensus rating of Moderate Buy and a consensus target price of $66.83.

Skechers U.S.A. Trading Up 11.2 %

Shares of SKX stock traded up $6.59 during mid-day 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 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 12-month low of $45.58 and a 12-month high of $69.07. The company’s 50 day simple moving average is $59.73 and its 200-day simple moving average is $58.04. The firm has a market capitalization 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 released its earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.23. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The company’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.02 EPS. On average, research analysts predict that Skechers U.S.A. will post 3.81 EPS for the current fiscal year.

Insider Buying and Selling

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