Skechers U.S.A. (NYSE:SKX) Releases Q2 2024 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.850-0.900 for the period, compared to the consensus estimate of 1.080. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Skechers U.S.A. also updated its FY 2024 guidance to 3.950-4.100 EPS.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SKX. Evercore ISI reduced their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating for the company in a research report on Wednesday, April 17th. Barclays began coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They issued an overweight rating and a $71.00 price objective for the company. Raymond James cut their price objective on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a report on Monday, February 5th. Wedbush increased their price objective on shares of Skechers U.S.A. from $68.00 to $76.00 and gave the company an outperform rating in a report on Friday. Finally, TD Cowen increased their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $66.83.

Skechers U.S.A. Trading Up 11.2 %

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 50 day simple moving average of $59.73 and a 200 day simple moving average of $58.10. The stock has a market capitalization of $10.03 billion, a P/E ratio of 17.21, a PEG 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. has a twelve month low of $45.58 and a twelve month high of $69.07.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly 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 net margin of 7.17% and a return on equity of 13.76%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.02 EPS. As a group, equities analysts expect that Skechers U.S.A. will post 4.06 earnings per share for the current year.

Insider Transactions at Skechers U.S.A.

In related 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 transaction of $3,899,859.30. Following the completion of the transaction, 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 Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Robert Greenberg sold 99,139 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 transaction of $5,737,173.93. Following the completion of the transaction, the chief executive officer now owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at approximately $8,183,107.35. The disclosure for this sale can be found here. Insiders sold 254,875 shares of company stock worth $15,021,192 in the last 90 days. 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.