Skechers U.S.A. (NYSE:SKX) Releases Q2 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.85-0.90 for the period, compared to the consensus estimate of $1.08. The company issued revenue guidance of $2.175-2.225 billion, compared to the consensus revenue estimate of $2.20 billion. Skechers U.S.A. also updated its FY 2024 guidance to 3.950-4.100 EPS.

Skechers U.S.A. Stock Up 11.2 %

Shares of SKX traded up $6.59 during midday trading on Friday, reaching $65.41. 7,731,331 shares of the stock were exchanged, compared to its average volume of 1,687,796. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $69.07. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $59.73 and its two-hundred day moving average is $58.04. The company has a market capitalization of $10.03 billion, a P/E ratio of 17.21, a PEG ratio of 1.07 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 13.76% and a net margin of 7.17%. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter last year, the company earned $1.02 earnings per share. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Skechers U.S.A. will post 3.81 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus dropped their price objective on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating on the stock in a research report on Friday, February 2nd. Raymond James lowered their price target on Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a report 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. TD Cowen raised their price target 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. Finally, Wedbush raised their price target on Skechers U.S.A. from $68.00 to $76.00 and gave the stock an outperform rating in a report on Friday. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $66.83.

Insider Transactions at Skechers U.S.A.

In other news, CEO Robert Greenberg sold 99,139 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 196,050 shares in the company, valued at $11,345,413.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. 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 $3,899,859.30. Following the completion of the transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction that occurred 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 owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The disclosure for this sale can be found here. Insiders sold a total of 254,875 shares of company stock worth $15,021,192 over the last three months. 24.75% of the stock is currently owned by insiders.

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.