Skechers U.S.A. (NYSE:SKX) Updates Q2 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.85-0.90 for the period, compared to the consensus earnings per share estimate of $1.08. The company issued revenue guidance of $2.175-2.225 billion, compared to the consensus revenue estimate of $2.20 billion. Skechers U.S.A. also updated its FY 2024 guidance to 3.950-4.100 EPS.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Bank of America assumed coverage on Skechers U.S.A. in a research report on Friday, March 8th. They set a neutral rating and a $67.00 price objective for the company. TD Cowen upped their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a research report on Wednesday, March 6th. Monness Crespi & Hardt upped their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a research report on Thursday, January 18th. Wedbush upped their target price on Skechers U.S.A. from $68.00 to $76.00 and gave the company an outperform rating in a research report on Friday. Finally, Barclays assumed coverage on Skechers U.S.A. in a research report on Monday, April 1st. They issued an overweight rating and a $71.00 target price for the company. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Skechers U.S.A. has a consensus rating of Moderate Buy and a consensus price target of $66.83.

Skechers U.S.A. Stock Performance

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

Skechers U.S.A. (NYSE:SKX) last issued its 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. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. Skechers U.S.A. had a return on equity of 13.76% and a net margin of 7.17%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. Equities analysts predict that Skechers U.S.A. will post 3.81 earnings per share for the current fiscal year.

Insider Transactions at Skechers U.S.A.

In other news, COO David Weinberg sold 67,390 shares of the 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 directly owns 141,405 shares of the company’s stock, valued at approximately $8,183,107.35. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, COO David Weinberg sold 67,390 shares of the firm’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 value of $3,899,859.30. Following the completion of the transaction, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at approximately $8,183,107.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Greenberg sold 99,139 shares of the firm’s 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 $5,737,173.93. Following the completion of the transaction, the chief executive officer now directly 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 valued at $15,021,192. Corporate 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.