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 EPS guidance of 0.850-0.900 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

A number of research firms recently weighed in on SKX. Raymond James cut their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating on the stock in a research note on Monday, February 5th. Stifel Nicolaus decreased their price objective on shares of Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a research report on Friday, February 2nd. Barclays began coverage on Skechers U.S.A. in a report on Monday, April 1st. They issued an overweight rating and a $71.00 target price on the stock. TD Cowen lifted their price target 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. Finally, Wedbush reiterated an outperform rating and issued a $68.00 price objective on shares of Skechers U.S.A. in a report on Friday, April 19th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $66.17.

Skechers U.S.A. Stock Performance

SKX stock traded down $0.33 during trading on Thursday, hitting $58.82. The company had a trading volume of 2,541,824 shares, compared to its average volume of 1,648,149. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $65.17. The firm has a 50-day moving average price of $59.64 and a 200-day moving average price of $57.91. 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 $9.02 billion, a PE ratio of 16.88, a price-to-earnings-growth ratio of 1.08 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.52 by $0.04. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the prior year, the business earned $0.48 earnings per share. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, analysts expect that Skechers U.S.A. will post 3.81 earnings per share for the current year.

Insider Activity

In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,432 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $58.83, for a total transaction of $378,394.56. Following the transaction, the executive vice president now owns 34,023 shares in the company, valued at approximately $2,001,573.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,067 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following the completion of the transaction, the executive vice president now directly owns 14,023 shares of the company’s stock, valued at $856,945.53. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mark A. Nason sold 6,432 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the completion of the sale, the executive vice president now owns 34,023 shares in the company, valued at approximately $2,001,573.09. The disclosure for this sale can be found here. Insiders have sold a total of 254,875 shares of company stock valued at $15,021,192 over the last quarter. 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.