Skechers USA Inc (SKX) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS
Skechers USA Inc (NYSE:SKX) issued its quarterly earnings results on Thursday. The textile maker reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. Skechers USA had a return on equity of 15.10% and a net margin of 6.83%. The company earned $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the previous year, the firm posted $0.63 EPS. The firm’s revenue was up 9.6% compared to the same quarter last year. Skechers USA updated its Q2 guidance to $0.42-0.47 EPS.
Skechers USA (NYSE:SKX) opened at 26.15 on Friday. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of 16.66 and a beta of 0.30. Skechers USA has a 52 week low of $18.81 and a 52 week high of $34.19. The company has a 50 day moving average price of $26.55 and a 200 day moving average price of $24.59.
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In other news, COO David Weinberg sold 24,188 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $25.92, for a total transaction of $626,952.96. Following the completion of the transaction, the chief operating officer now directly owns 244,188 shares of the company’s stock, valued at approximately $6,329,352.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Phillip Paccione sold 18,794 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $25.92, for a total transaction of $487,140.48. Following the transaction, the general counsel now directly owns 78,794 shares of the company’s stock, valued at $2,042,340.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,608 shares of company stock valued at $1,678,372. Corporate insiders own 21.73% of the company’s stock.
A number of analysts have commented on the company. Vetr cut Skechers USA from a “strong-buy” rating to a “hold” rating and set a $27.88 price target for the company. in a research report on Monday, February 13th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $30.00 price target on shares of Skechers USA in a research report on Thursday, February 16th. Monness Crespi & Hardt raised Skechers USA from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Saturday, December 31st. Zacks Investment Research raised Skechers USA from a “sell” rating to a “hold” rating in a research report on Tuesday, February 14th. Finally, Standpoint Research cut Skechers USA from a “buy” rating to a “hold” rating in a research report on Thursday, March 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $29.02.
About Skechers USA
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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