Skechers jumps after strong third-quarter profits and future guidance

Skechers shares jumped as much as 8 percent in after-hours trading Thursday following the release of the company’s third quarter earnings report that beat profit estimates.

The shoe company reported earnings of 58 cents per share for the third quarter, higher than the 51 cents analysts had expected, according to a Refinitiv consensus estimate. Revenue missed expectations however, with Skechers reporting $1.18 billion, while Wall Street expected $1.22 billion, according to a Refinitiv consensus estimate.

Skechers also offered strong future guidance for revenue and earnings per share in the fourth quarter. The company expects earnings between 20 cents and 25 cents per share, compared to the 18 cents per share expected by analysts polled by Refinitiv.

For revenue, Skechers expects to bring in $1.1 billion to $1.125 billion in the fourth quarter, while analysts had estimated just $1.08 billion, according to Refinitiv.

Shares of Skechers closed down 2 percent on Thursday at $26.12 per share. The stock is down 30 percent this year.

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