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

Skechers U.S.A. (NYSE:SKX - Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 4.200-4.250 for the period, compared to the consensus EPS estimate of 4.170. The company issued revenue guidance of $8.9 billion-$9.0 billion, compared to the consensus revenue estimate of $8.9 billion. Skechers U.S.A. also updated its Q4 guidance to $0.70-$0.75 EPS.

Wall Street Analyst Weigh In

Several research firms have commented on SKX. Evercore ISI upped their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, July 26th. Stifel Nicolaus upped their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a "buy" rating in a report on Friday, July 26th. Bank of America decreased their price objective on shares of Skechers U.S.A. from $87.00 to $81.00 and set a "buy" rating on the stock in a report on Monday, September 23rd. Barclays upped their price objective on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an "overweight" rating in a report on Friday, July 26th. Finally, Wedbush upped their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $77.55.

Skechers U.S.A. Price Performance

SKX traded down $0.04 on Thursday, hitting $61.63. 3,080,982 shares of the stock were exchanged, compared to its average volume of 1,847,306. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09. The business has a 50-day moving average of $66.17 and a two-hundred day moving average of $66.13. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.04). Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the company earned $0.98 EPS. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. Sell-side analysts forecast that Skechers U.S.A. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. announced that its board has authorized a stock buyback program on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

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.

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