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

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

Skechers U.S.A. Stock Performance

SKX traded up $6.59 during mid-day trading on Friday, reaching $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 52-week low of $45.58 and a 52-week high of $69.07. The company’s fifty day moving average price is $59.73 and its 200-day moving average price is $58.04. 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 stock has a market capitalization of $10.03 billion, a P/E ratio of 17.21, a P/E/G ratio of 1.07 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS 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 company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period last year, the firm earned $1.02 EPS. Skechers U.S.A.’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, sell-side analysts expect that Skechers U.S.A. will post 3.81 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on SKX. Wedbush upped their price target on Skechers U.S.A. from $68.00 to $76.00 and gave the stock an outperform rating in a research note on Friday. Stifel Nicolaus reduced their price target on shares of Skechers U.S.A. from $72.00 to $70.00 and set a buy rating on the stock in a report on Friday, February 2nd. Barclays started coverage on shares of Skechers U.S.A. in a research note on Monday, April 1st. They issued an overweight rating and a $71.00 price target on the stock. Raymond James cut their price objective on Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a research report on Monday, February 5th. Finally, Evercore ISI decreased their target price on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $66.83.

Insider Buying and Selling

In other news, EVP Mark A. Nason sold 6,067 shares of Skechers U.S.A. stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the completion of the sale, the executive vice president now owns 14,023 shares of the company’s stock, valued at $856,945.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. 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 transaction, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Mark A. Nason sold 6,067 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $370,754.37. Following the sale, the executive vice president now owns 14,023 shares of the company’s stock, valued at approximately $856,945.53. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock valued at $15,021,192 in the last 90 days. Company 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.