2 ASX 200 consumer shares tumbling lower on earnings updates

Let's dive into what appears to be disappointing the market today.

| More on:
A man sits in front of his laptop computer with his head on his hand and a sad, dejected look on his face after seeing how far Whitehaven shares have fallen today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Tuesday has proven to be another big earnings season day, with plenty of S&P/ASX 200 Index (ASX: XJO) shares posting results. Sadly, however, not all have been met with enthusiasm.

Two ASX 200 consumer stocks are among those trading in the red today. Let's take a closer look at the releases that have the market bidding them lower.

Right now, the ASX 200 is down 0.3% at 7,329.8 points.

2 ASX 200 consumer shares struggling after posting earnings

The Costa Group Holdings Ltd (ASX: CGC) share price is suffering on the back of the company's full-year earnings, released this morning. Right now, the stock is down 2.04%, trading at $2.645.

It comes after the ASX 200 fresh produce company posted around $1.36 billion of revenue for 2022 – an 11.2% year-on-year improvement. However, its statutory net profit after tax (NPAT) slumped 10% to $47 million.

Last year saw the grower hit by severe weather events and inflation. Fortunately, both appear to be moderating in 2023.

Though, interim CEO Harry Debney expressed frustration over export market access, particularly to China and Japan.

Costa Group declared a 5 cents per share, 40% franked, final dividend – flat with that of the prior year.

Shares in ASX 200 vehicle accessories manufacturer ARB Corporation Limited (ASX: ARB) are also in the red on the release of the company's first-half earnings, falling 1.28% to swap hands for $31.315 apiece.

It posted a 31.2% tumble in NPAT – coming in at $47.4 million. At the same time, its sales revenue fell 5.1% to $340.9 million. It declared a 32 cents per share fully franked interim dividend ­– down 17.9% on last year's.

ARB posted lower sales last half amid challenges in fitting resource constraints and vehicle availability, lower export sales, the restructure of a major United States customer, and the timing of original equipment manufacturers (OEM) contracts.

Looking forward, it expects higher new vehicle sales, strong customer orders, and better recruitment opportunities to boost its aftermarket category. Meanwhile, OEM sales are tipped to be flat this financial year before growing again next financial year.

It also notes new and innovative products have been slated for release in 2023.

Created with Highcharts 11.4.3ARB Corporation PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ARB Corporation. The Motley Fool Australia has recommended ARB Corporation and Costa Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Earnings Results

A woman looks up at a plane flying in the sky with arms outstretched as the Flight Centre share price surges
Earnings Results

Web Travel share price rockets 13% on market leading full-year growth

Investors are sending Web Travel shares soaring today. Here’s why.

Read more »

Happy shopper at a clothes shop.
Earnings Results

Why did Myer shares just rocket 9%?

Investors are piling into Myer shares on Friday. But why?

Read more »

A woman looks up at a plane flying in the sky with arms outstretched as the Flight Centre share price surges
Earnings Results

Up 78% since April, why is the Webjet share price taking off again today?

Webjet shares have soared 78% since 4 April and are lifting off again today. But why?

Read more »

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.
Industrials Shares

Guess which ASX 200 stock is crashing 24% on results day

Investors were not impressed with this result. But why?

Read more »

A man in full American NFL playing kit crouches over with his arms across his chest in a defensive stance against a dark background.
Technology Shares

ASX 300 tech stock charges 7% higher to record high on stellar results

This tech stock delivered another impressive result this morning.

Read more »

a group of people sit around a computer in an office environment.
Earnings Results

Guess which ASX 200 tech stock is rocketing 12% on record results

Another half, another record result from this high-quality company.

Read more »

A young man sitting at an outside table uses a card to pay for his online shopping.
Consumer Staples & Discretionary Shares

Why is the Kogan share price crashing 12%?

Profits are down at this ecommerce company during the second half.

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Resources Shares

Guess which ASX 200 mining stock is sinking 7% following its quarterly update

Let's see how this miner performed during the third quarter.

Read more »