Skechers U.S.A. (NYSE:SKX) Releases 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 FY 2024 guidance to 3.950-4.100 EPS.

Analyst Ratings Changes

SKX has been the topic of several research reports. 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 report on Friday, February 2nd. 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. Wedbush raised their price objective on Skechers U.S.A. from $68.00 to $76.00 and gave the stock an outperform rating in a report on Friday. Barclays initiated coverage on 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, Evercore ISI dropped their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $66.83.

Skechers U.S.A. Stock Performance

SKX traded up $6.59 during 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. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $69.07. The company’s fifty day moving average price is $59.73 and its 200-day moving average price is $58.10. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 1.19 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. (NYSE:SKX) last posted its earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) 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 firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the company earned $1.02 EPS. Skechers U.S.A.’s revenue was up 12.5% on a year-over-year basis. On average, equities analysts forecast that Skechers U.S.A. will post 4.06 earnings per share for the current fiscal year.

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

In other news, COO David Weinberg sold 67,390 shares of the company’s stock in a transaction 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 sale, the chief operating officer now directly owns 141,405 shares in the company, valued at approximately $8,183,107.35. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO David Weinberg sold 67,390 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following the completion of 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 can be accessed through the SEC website. Also, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction 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 completion of the sale, 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. In the last three months, insiders sold 254,875 shares of company stock worth $15,021,192. 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.