Skechers U.S.A. (NYSE:SKX) Updates Q4 2024 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.700-0.750 for the period, compared to the consensus earnings per share estimate of 0.750. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.200-4.250 EPS.

Skechers U.S.A. Stock Down 0.1 %

Shares of SKX stock traded down $0.04 on Thursday, hitting $61.63. The stock had a trading volume of 3,080,982 shares, compared to its average volume of 1,847,306. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 0.89 and a beta of 1.22. The stock’s 50 day moving average is $66.17 and its 200-day moving average is $66.13. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter last year, the company earned $0.98 earnings per share. The company’s revenue was up 7.3% compared to the same quarter last year. As a group, research analysts expect that Skechers U.S.A. will post 4.15 earnings per share for the current year.

Skechers U.S.A. declared that its board has approved a share buyback plan on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Stifel Nicolaus increased their price objective 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. Wedbush raised their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. TD Cowen reduced their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Finally, Evercore ISI raised their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. has an average rating of “Buy” and a consensus target price of $77.55.

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.