Skechers U.S.A. (NYSE:SKX) Updates FY24 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Skechers U.S.A. Trading Up 11.2 %

Shares of Skechers U.S.A. stock traded up $6.59 on Friday, reaching $65.41. The company had a trading volume of 7,731,331 shares, compared to its average volume of 1,687,796. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 1.19 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 1.46. The firm’s 50-day moving average price is $59.73 and its two-hundred day moving average price is $58.10. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $69.07.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period last year, the company earned $1.02 EPS. Skechers U.S.A.’s quarterly revenue was up 12.5% compared to the same quarter last year. As a group, research analysts predict that Skechers U.S.A. will post 4.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SKX shares. 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 research note 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 for the company in a research note on Monday, February 5th. Monness Crespi & Hardt raised their price target on Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a research note on Thursday, January 18th. 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 research note on Friday. Finally, Stifel Nicolaus decreased their target price on 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 given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $66.83.

Insider Buying and Selling at Skechers U.S.A.

In other news, EVP Mark A. Nason sold 6,432 shares of Skechers U.S.A. stock in a transaction on Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the transaction, the executive vice president now directly owns 34,023 shares in the company, valued at approximately $2,001,573.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Mark A. Nason sold 6,432 shares of Skechers U.S.A. stock in a transaction on Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the transaction, the executive vice president now directly owns 34,023 shares in the company, valued at approximately $2,001,573.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Michael Greenberg sold 25,282 shares of Skechers U.S.A. stock in a transaction on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $1,544,983.02. Following the completion of the transaction, the president now owns 123,441 shares in the company, valued at $7,543,479.51. The disclosure for this sale can be found here. Insiders sold a total of 254,875 shares of company stock valued at $15,021,192 in the last ninety days. Corporate insiders own 24.75% of the company’s stock.

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.