Skechers U.S.A. (NYSE:SKX) Releases FY 2024 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 3.950-4.100 for the period, compared to the consensus estimate of 3.900. The company issued revenue guidance of $8.7 billion-$8.9 billion, compared to the consensus revenue estimate of $8.8 billion. Skechers U.S.A. also updated its FY24 guidance to $3.95-4.10 EPS.

Skechers U.S.A. Stock Performance

SKX stock traded down $0.33 during trading on Thursday, hitting $58.82. 2,541,824 shares of the company’s stock traded hands, compared to its average volume of 1,648,149. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $65.17. The stock has a fifty day moving average price of $59.64 and a two-hundred day moving average price of $57.91. The stock has a market capitalization of $9.02 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 1.08 and a beta of 1.32. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company 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 business earned $0.48 EPS. The company’s revenue was up 4.4% on a year-over-year basis. As a group, equities analysts anticipate that Skechers U.S.A. will post 3.81 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on SKX shares. Barclays assumed coverage on Skechers U.S.A. in a research note on Monday, April 1st. They issued an overweight rating and a $71.00 price objective on the stock. TD Cowen boosted their target price 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. Evercore ISI decreased their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, April 17th. Monness Crespi & Hardt boosted their price objective 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. Finally, Stifel Nicolaus reduced 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. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Skechers U.S.A. has a consensus rating of Moderate Buy and an average price target of $66.17.

Insiders Place Their Bets

In related news, EVP Mark A. Nason sold 6,067 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the completion of the transaction, the executive vice president now directly owns 14,023 shares in the company, valued at $856,945.53. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Mark A. Nason sold 6,067 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the completion of the transaction, the executive vice president now owns 14,023 shares in the company, valued at $856,945.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO David Weinberg sold 20,226 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 transaction of $1,236,010.86. Following the completion of the sale, the chief operating officer now owns 99,655 shares in the company, valued at $6,089,917.05. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,875 shares of company stock worth $15,021,192. 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.