Driven Brands Q2 revenue up 19% to $607M; cuts full-year guidance due to Car Wash & glass headwinds

Driven Brands Holdings Inc.

2023-Q2 EPS reported $0.40 revenue$1,169,318,000

Revenue $606.9M (+19% YoY); same-store sales +8%; added 74 net new stores.
Net income $37.7M vs loss $57M prior year; adjusted net income $49.1M (-18%).
Adjusted EBITDA $151M (+12%); cash from operations $114.6M YTD vs $75.4M prior.
Full-year guidance cut: revenue $2.30B (was $2.35B), Adj EBITDA $535M (was $590M), Adj EPS $0.92 (was $1.21).
Car Wash same-store sales -4%; softer consumer demand; U.S. glass impacted by integration delays.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Driven Brands Holdings Inc. reported the second quarter ended July 1, 2023 results: revenue $606.9 million, net income $37.7 million or $0.22 per diluted share, EPS $0.22 per diluted share. Guidance lowered.

Period: the second quarter ended July 1, 2023
Revenue: $606.9 million
Net income: $37.7 million or $0.22 per diluted share
EPS: $0.22 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Driven Brands Holdings Inc. Reports Second Quarter Results —Revenue increased 19% powered by 8% same-store sales growth and 7% net store growth— —Net Income increased to $38 million vs a Net Loss of $57 million in prior year— — Adjusted EBITDA 1 increased 12% to $151 million— —Updates Full Year 2023 Guidance— Charlotte, N.C. (August 2, 2023) - Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the second quarter ended July 1, 2023. For the second quarter, Driven Brands delivered revenue of $606.9 million, up 19 percent versus the prior year. System-wide sales were $1.7 billion, up 18 percent versus the prior year driven by 8 percent same-store sales growth and 7 percent net store growth. The company added 74 new stores in the quarter. Net Income increased to $37.7 million or $0.22 per diluted share versus a Net Loss in the prior year.

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Source: SEC EDGAR

accession 0001193125-23-201170

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