Skechers U.S.A. (NYSE:SKX) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Skechers U.S.A. (NYSE:SKX) issued its quarterly earnings data on Thursday. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11, Briefing.com reports. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 EPS.

Skechers U.S.A. Trading Down 2.5 %

Skechers U.S.A. stock traded down $1.52 during midday trading on Friday, reaching $60.11. 4,529,189 shares of the stock traded hands, compared to its average volume of 1,861,752. The company has a 50-day simple moving average of $66.17 and a two-hundred day simple moving average of $66.13. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09. The firm has a market cap of $9.16 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Analyst Ratings Changes

A number of research firms recently weighed in on SKX. Evercore ISI raised their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Morgan Stanley upped their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday. TD Cowen reduced their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Finally, Stifel Nicolaus upped their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $78.09.

Skechers U.S.A. announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are generally a sign 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.