Skechers earnings for the fourth quarter of 2018 has SKX stock on the rise Friday.
Skechers (NYSE:SKX) reported earnings per share of 31 cents for the fourth quarter of 2018. This is better than the company’s earnings per share of 21 cents from the fourth quarter of 2017. It was also a boon to SKX stock by beating out Wall Street’s earnings per share estimate of 23 cents for the period.
Skechers earnings for the fourth quarter of the year also include net income of $67.11 million. This is an increase over the company’s net loss of $51.76 million for the same period of the year prior.
Operating income in the Skechers earnings report for the fourth quarter of 2018 comes in at $83.70 million. The shoe company’s operating income from the fourth quarter of the previous year was $55.65 million.
The most recent Skechers earnings report also has revenue for the quarter coming in at $1.08 billion. This is up from the company’s revenue of $970.59 million reported during the same time last year. However, it is below Wall Street’s revenue estimate of $1.10 billion for the quarter, but that wasn’t keeping SKX stock down today.
The Skechers earnings report for the fourth quarter of 2018 also includes its outlook for the first quarter of 2019. The company is expecting earnings per share between 70 cents and 75 cents on revenue ranging from $1.275 billion to $1.300 billion. Wall Street is looking for earnings per share of 69 on revenue of $1.35 billion for the quarter.
SKX stock was up 16% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.