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

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

Skechers U.S.A. Stock Performance

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

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

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. 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 report 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 report on Monday, October 14th. Evercore ISI upped their target price on shares of 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 upped their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Wedbush increased their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $78.09.

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.