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

Skechers U.S.A. (NYSE:SKX) issued an update on its second quarter earnings guidance on Thursday morning. 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.

Skechers U.S.A. Stock Performance

NYSE:SKX traded up $6.59 during mid-day trading on Friday, hitting $65.41. The stock had a trading volume of 7,731,331 shares, compared to its average volume of 1,687,796. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $69.07. The stock has a market cap of $10.03 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 1.19 and a beta of 1.32. The company’s 50 day simple moving average is $59.73 and its 200 day simple moving average is $58.10. 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. (NYSE:SKX) last issued its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.23. The firm 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 for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the business posted $1.02 earnings per share. On average, equities research analysts forecast that Skechers U.S.A. will post 4.06 earnings per share for the current year.

Wall Street Analyst Weigh In

SKX has been the topic of a number of recent analyst reports. Wedbush lifted 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 research note on Friday. Monness Crespi & Hardt upped their price objective on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a report on Thursday, January 18th. Barclays assumed 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 objective for the company. TD Cowen raised their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Finally, Raymond James decreased their price target on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a research note on Monday, February 5th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $66.83.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, CEO Robert Greenberg sold 99,139 shares of the company’s 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 sale, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the sale, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Michael Greenberg sold 25,282 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the completion of the sale, the president now directly owns 123,441 shares of the company’s stock, valued at $7,543,479.51. The disclosure for this sale can be found here. Insiders have sold a total of 254,875 shares of company stock worth $15,021,192 over the last quarter. Company 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.