Skechers stock (NYSE:SKX) was skyrocketing late in the day on Thursday as the company reported its latest quarterly earnings results after hours, which were stronger than what analysts were calling for.
The company said that for its third quarter of the fiscal year, it brought in net income of $90.7 million, or 58 cents per share, which is stronger than the $92.3 million, or 59 cents per share it brought in during the year-ago quarter. Analysts were calling for the shoe maker to bring in adjusted earnings of roughly 51 cents per share, according to a survey conducted by FactSet.
Skechers stock was moving upwards despite the fact that its revenue missed what analysts were calling for as the company brought in sales of $1.18 billion, which fell slightly below the $1.22 billion that analysts polled by FactSet called for in their consensus estimate. However, revenue did increase to $1.18 billion from $1.09 billion in the third quarter of the company’s fiscal 2017.
For its fourth quarter of the current fiscal year, the show maker said it sees earnings as being in the range of 20 cents to 25 cents per share, while revenue is slated to be between $1.1 billion and $1.13 billion. Analysts are calling for earnings of 17 cents per share on revenue of $1.08 million.
SKX stock was down about 2.2% during regular trading hours on Thursday in anticipation of the company’s quarterly earnings results. A strong earnings showing helped to lift its shares a whopping 8.4% after the bell.