Cars.com Shares Sink After No Actionable Bids Received

Cars.com (CARS) shares sank on Monday morning after it said it had received “no actionable bids” for the company, cut its full-year guidance and posted second-quarter results that missed expectations.

The Chicago-based online automobile marketplace said that it has decided after a six-month strategic review to continue as an independent public company and after it held discussions with “several interest parties to evaluate the relative benefits of various strategic alternatives of maximizing value for shareholders,” Chairman Scott Forbes said.

Cars.com said it now expects 2019 revenue to decline between 6% and 9%, down from its May guidance for between a 5% decline and 2% growth. Adjusted earnings before interest, tax, depreciation and amortization margin is expected to be between 27% and 29% from its earlier view of 30% to 31%.

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“While many trends are positive, continued reductions in OEM (original equipment manufacturer) advertising and delayed OEM certifications that facilitate sales to thousands of franchise dealers on a preferred basis, have impacted our 2019 outlook,” said Chief Executive Alex Vetter.

For the quarter ended June 30, revenue fell to $148.2 million, down from $168.5 million in the prior year quarter and below Capital IQ’s consensus for $160.2 million. Adjusted per-share earnings fell to $0.30, down from $0.48 last year and under the Street’s view for $0.43.