Skechers U.S.A. (NYSE:SKX – Get Free Report) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.70-$0.75 for the period, compared to the consensus earnings per share estimate of $0.76. The company issued revenue guidance of $2.165-$2.215 billion, compared to the consensus revenue estimate of $2.21 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.200-4.250 EPS.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on the company. TD Cowen lowered their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Evercore ISI increased their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Barclays increased their price objective on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Stifel Nicolaus increased their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $77.55.
Read Our Latest Stock Analysis on SKX
Skechers U.S.A. Stock Down 0.1 %
Skechers U.S.A. (NYSE:SKX – Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, analysts predict that Skechers U.S.A. will post 4.15 earnings per share for the current year.
Skechers U.S.A. announced that its Board of Directors has initiated a stock repurchase plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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.
Featured Articles
- Five stocks we like better than Skechers U.S.A.
- The Risks of Owning Bonds
- Why Meta’s Pre-Earnings Dip Could Be A Golden Entry Opportunity
- Trading Halts Explained
- Spirit Airlines Stock Nearly Doubled: Are Clear Skies Ahead?
- Stock Sentiment Analysis: How it Works
- Tesla Stock: Buy the Dips, Sell the Rips
Receive News & Ratings for Skechers U.S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers U.S.A. and related companies with MarketBeat.com's FREE daily email newsletter.