The stock rose 20% to $31.28 after its Thursday post-market earnings report beat estimates. After falling roughly 2% on the the day Thursday, during regular trading hours, the sneaker seller proved investors wrong. Earnings per share came in at $0.58 for the third-quarter, beating Wall Street's estimates of $0.51. Revenue was $1.18 billion, missing analysts expectations of $1.22 billion, but the company was still able to beat on the bottom line. Fourth-quarter guidance may be boosting the stock, as the company said said it expects earnings in the fourth-quarter to be between 20 cents and 25 cents a share. Analysts had expected 17 cents a share.
"Achieving record third quarter sales is a notable accomplishment given the strength of our third quarter 2017 sales," Skechers CEO Robert Greenberg said in a press release. He attributed much of the success to growth in both international and U.S. business segments. "Both our domestic and international businesses grew, and we remained the leader in walking, work, casual lifestyle and sandals footwear in the United States," Greenberg said.
This comes as the broader U.S. market rises after falling significantly Thursday. The Dow Jones Industrial Average rose 181 points in early trading Friday. The S&P 500 rose 24 points Friday morning. The Nasdaq rose 86 points.
Much of the gains are on the back of solid corporate profits. Procter & Gamble Co. (PG) beat earnings expectations Friday morning and rose more than 8% Friday morning. PayPal Holdings Inc. (PYPL) also reported earnings Thursday afternoon, beating estimates, then rising almost 9% Friday morning. PayPal is TheStreet's RealMoney stock of the day, as it boosted its outlook and announced new partnerships.