Australia's Peter Warren Automotive hits record low on earnings outlook

Peter Warren Automotive Holdings

28/05/2024 02:27

** Shares of Peter Warren Automotive  PWR.AX  fall as much
as 13.6% to an all-time low of A$1.850
    ** Stock posts its biggest ever intraday pct decline
    ** Co expects underlying profit before tax for FY24 to be in
the range of A$52 mln ($34.62 mln) to A$57 mln, 12% below
Visible Alpha consensus midpoint, according to Citi
    ** Co says reduction in earnings estimate vs market
expectations due to lower demand and contraction in new vehicle
margins
    ** Co says it is implementing various steps to counter
margin pressures including limiting inventory levels
    ** PWR stock top loser on ASX All Ordinaries index  .AORD 
    ** As of last close, PWR down 12.3% this year

($1 = 1.5022 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))