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 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. Stock Performance

Shares of NYSE SKX traded up $6.59 during midday trading on Friday, reaching $65.41. 7,731,331 shares of the stock were exchanged, compared to its average volume of 1,687,796. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 1.07 and a beta of 1.32. The firm has a 50-day simple moving average of $59.73 and a two-hundred day simple moving average of $58.04. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $69.07.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, beating the consensus estimate of $1.10 by $0.23. The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the business earned $1.02 earnings per share. As a group, analysts anticipate that Skechers U.S.A. will post 3.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SKX. Monness Crespi & Hardt increased their price target on 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. Bank of America initiated coverage on shares of Skechers U.S.A. in a report on Friday, March 8th. They issued a neutral rating and a $67.00 price target for the company. Stifel Nicolaus decreased 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 report on Friday, February 2nd. Raymond James reduced their price target on shares of 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. Finally, TD Cowen lifted 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. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $66.83.

Insider Activity

In other 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 value 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 approximately $8,183,107.35. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Mark A. Nason sold 6,067 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following the sale, the executive vice president now directly owns 14,023 shares of the company’s stock, valued at approximately $856,945.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO David Weinberg sold 67,390 shares of the company’s stock in a transaction that occurred 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 transaction, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 254,875 shares of company stock valued at $15,021,192. 24.75% of the stock is currently owned by insiders.

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.