2 ASX 200 consumer shares tumbling lower on earnings updates

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 todayA 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

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.

The post 2 ASX 200 consumer shares tumbling lower on earnings updates appeared first on The Motley Fool Australia.

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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.

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