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

Skechers U.S.A. (NYSE:SKX) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.85-0.90 for the period, compared to the consensus 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.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Monness Crespi & Hardt lifted their price target on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a report on Thursday, January 18th. TD Cowen upped their price target 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. Barclays started coverage on Skechers U.S.A. in a research note on Monday, April 1st. They issued an overweight rating and a $71.00 price target for the company. Wedbush lifted their price objective on Skechers U.S.A. from $68.00 to $76.00 and gave the stock an outperform rating in a research note on Friday. Finally, Evercore ISI decreased their target price 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. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of Moderate Buy and a consensus target price of $66.83.

Skechers U.S.A. Stock Up 11.2 %

NYSE:SKX traded up $6.59 during trading hours on Friday, hitting $65.41. 7,731,331 shares of the company traded hands, compared to its average volume of 1,687,796. Skechers U.S.A. has a one year low of $45.58 and a one year high of $69.07. 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 company has a market cap of $10.03 billion, a PE ratio of 17.21, a PEG ratio of 1.07 and a beta of 1.32. The firm’s 50-day simple moving average is $59.73 and its 200-day simple moving average is $58.04.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 13.76% and a net margin of 7.17%. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the business earned $1.02 EPS. The company’s revenue was up 12.5% compared to the same quarter last year. Equities analysts predict that Skechers U.S.A. will post 3.81 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 Skechers U.S.A. stock in a transaction dated 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 sale, the chief operating officer now owns 141,405 shares of the company’s stock, valued at approximately $8,183,107.35. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Mark A. Nason sold 6,432 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 34,023 shares in the company, valued at approximately $2,001,573.09. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO David Weinberg sold 67,390 shares of the firm’s stock in a transaction dated 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 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 a total of 254,875 shares of company stock worth $15,021,192 in the last quarter. 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.