Australia's ARB Corp flags weak start to fiscal 2023 after profit misses estimates

ARB

23/08/2022 02:33

** Shares of ARB Corp Ltd  ARB.AX  slump up to 12% to A$28,
their worst intraday loss since May 4
    ** The vehicle accessories maker posts FY22 NPAT of A$122
mln ($84.11 mln), missing Visible Alpha Consensus by 2%
    ** Final dividend of 32 Australian cents per share was 11%
below estimates  urn:newsml:reuters.com:*:nASX86BMfg
    ** ARB does not give short-term forecast, but flags weak
start to H1 of fiscal 2023
    ** Consensus estimate points to a NPAT decline of 13% in H1 
 
    ** Citi expects investors to consider using any short term
weakness as an opportunity to get set in a quality long term
growth story
    ** Stock touches its lowest since June 24
    ** About 307,000 shares change hands, compared with the
30-day average volume of 167,000 shares
    ** Stock is outpacing a 0.5% decline on the ASX 200
benchmark index  .AXJO 
    ** Stock down 39.4% this year, as of last close

    ($1 = 1.4505 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))