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

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

Skechers U.S.A. Stock Down 3.9 %

Shares of Skechers U.S.A. stock opened at $59.23 on Friday. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $75.09. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 0.89 and a beta of 1.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The firm’s 50-day moving average is $65.98 and its two-hundred day moving average is $66.11.

Wall Street Analyst Weigh In

SKX has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company 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 on the stock in a research note on Monday, October 14th. Evercore ISI increased 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 research note on Friday, July 26th. Stifel Nicolaus increased their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Bank of America reduced their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $78.09.

Skechers U.S.A. declared that its Board of Directors has initiated a stock buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.