Skechers stock rallies more than 10% on earnings beat
Skechers USA Inc. shares surged in the extended session Thursday after the shoe company's earnings results and outlook topped Wall Street estimates while those for revenue did not. Skechers shares rallied 13% after hours, following a 0.1% rise to close the regular session at $27.70. The company reported fourth-quarter net income of $47.4 million, or 31 cents a share, compared with a loss of $66.7 million, or 43 cents a share, in the year-ago period. Revenue rose to $1.08 billion from $970.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 23 cents a share on revenue of $1.1 billion. For the first quarter, Skechers expects earnings of 70 cents to 75 cents a share on revenue of $1.28 billion to $1.3 billion, while analysts had forecast earnings of 63 cents a share on revenue of $1.34 billion. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.