Cars.com CARS shares are trading sharply lower after the company said it concluded a strategic review process and received no bids for the company. The company also reported second-quarter results and cut fiscal year 2019 guidance.
Cars.com reported second-quarter earnings of 30 cents per share, which beat the analyst consensus estimate of 9 cents by 233.33%. This is a 37.5% decrease over earnings of 48 cents per share from the same period last year.
Cars.com reported quarterly sales of $148.207 million, which missed the analyst consensus estimate of $160.05 million by 7.40%. This is a 12.05% decrease over sales of $168.512 million the same period last year.
The company lowered fiscal year 2019 sales outlook from $701.85462 million-$721.71843 million to $602.54 million-$622.4 million.
Cars.com shares were trading down 34.7% at $11.78 at time of publication. The stock has a 52-week high of $29.54 and a 52-week low of $10.30.
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