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 (EPS) guidance of $3.95-4.10 for the period, compared to the consensus 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 Q2 guidance to $0.85-0.90 EPS.

Skechers U.S.A. Trading Down 0.6 %

Shares of NYSE SKX traded down $0.33 during midday trading on Thursday, reaching $58.82. 2,545,096 shares of the stock were exchanged, compared to its average volume of 1,647,850. The company has a 50 day simple moving average of $59.64 and a 200 day simple moving average of $57.91. The stock has a market capitalization of $9.02 billion, a P/E ratio of 16.88, a PEG 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. has a twelve month low of $45.58 and a twelve month high of $65.17.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data 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 net margin of 6.82% and a return on equity of 12.89%. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the firm posted $0.48 earnings per share. The firm’s revenue was up 4.4% on a year-over-year basis. As a group, equities analysts expect that Skechers U.S.A. will post 3.81 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the company. Raymond James reduced their price target on Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a research report on Monday, February 5th. Monness Crespi & Hardt boosted their target price on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a research report on Thursday, January 18th. Wedbush reiterated an outperform rating and issued a $68.00 target price on shares of Skechers U.S.A. in a research report on Friday, April 19th. TD Cowen boosted their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Finally, Stifel Nicolaus dropped their price objective on shares of 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. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $66.17.

Insider Buying and Selling

In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of the firm’s 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 owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related 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 sale, the chief operating officer now owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert Greenberg sold 99,139 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 transaction of $5,737,173.93. Following the completion of the sale, the chief executive officer now owns 196,050 shares in the company, valued at approximately $11,345,413.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,875 shares of company stock worth $15,021,192. Corporate 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.