CAR –2.91%: The online auto retailer announced CEO Cameron McIntyre is stepping down from his role as CEO after a 9-year tenure whilst also putting through FY25 profit guidance that fell below analyst expectations.
FY25 profit is now guided at $273 to $277 million, a narrow range giving the market certainty but well below the consensus estimate of $322.9 million. Given a ~15% miss vs consensus, the share price has got off lightly, as the market shifts focus to the full-year result on the 11th of August for more granular details on the guidance downgrade and various business segment performance.
- While McIntyre has delivered solid returns for shareholders over his time at the helm, the transition looks to have been well executed with CFO William Elliott, who has been with the business since 2015, stepping into the role.
MM has turned neutral on CAR
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