Skechers Q4 Results Beat Street View; Shares Gain 6%

(RTTNews) - Shares of Skechers U.S.A., Inc. (SKX) gained over 6% in extended trading session on Thursday after the company's fourth-quarter profit and revenues trumped Wall Street estimates.

For the fourth quarter, the company expects net income of $402.4 million or $2.56 per share, up from $53.3 million or $0.34 per share.

Adjusted earnings for the quarter were $0.43 per share, up from $0.24 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.33 per share for he quarter. Analysts' estimates typically exclude one-time items.

Sales for the quarter rose 24.4 percent to $1.65 billion from $1.32 billion last year. Analysts had a consensus estimate of $1.55 billion for the quarter.

Looking forward to the first quarter, the company believes it will achieve sales between $1.675 billion and $1.725 billion and earnings of between $0.70 and $0.75 per share. Analysts currently estimate earnings of $0.71 per share and revenues of $1.59 billion for the quarter.

Further, the company believes that for the fiscal year 2022, it will achieve sales between $7.0 billion and $7.2 billion and diluted earnings per share of between $2.70 and $2.90. Analysts currently estimate earnings of $3.00 per share and revenues of $6.91 billion for the year.

SKX closed Thursday's trading at $41.70, down $0.79 or 1.86%, on the NYSE. The stock, however, gained $2.70 or 6.47% in the after-hours trading.