2335 GMT - Car parts retailer ARB is dropped from Ord Minnett's analyst conviction list as profit headwinds stiffen. Analyst James Casey cites lower Australian aftermarket sales among reasons for its removal from the list, as new vehicle sales decline and independent retailers shrink the number of vehicles on their forecourts. Ord Minnett expects ARB's 2H export sales to be hit by a slowdown in new vehicle sales across Europe, particularly in the U.K., while tariffs on automotive parts are likely to affect U.S. operations. Also, ARB faces higher costs from a weaker Australian dollar against the Thai baht. Ord Minnett cuts its earnings forecasts by 5%-10% over the next three years, but retains a buy call on the stock. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 22, 2025 19:35 ET (23:35 GMT)
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