Driven Brands Holdings, Inc. ( (DRVN) ) has released its Q4 earnings. Here is a breakdown of the information Driven Brands Holdings, Inc. presented to its investors.
Driven Brands Holdings Inc., headquartered in Charlotte, NC, is the largest automotive services company in North America, offering a range of consumer and commercial automotive services, including paint, collision, glass, vehicle repair, oil change, maintenance, and car wash services. The company operates approximately 5,200 locations across 13 countries, servicing around 70 million vehicles annually.
Driven Brands Holdings Inc. reported its financial results for the fourth quarter and fiscal year 2024, highlighting a 2% increase in revenue to $2.3 billion. The company also achieved a 4% increase in system-wide sales to $6.5 billion, driven by a 1% increase in same-store sales and a 4% increase in store count. Notably, the Take 5 Oil Change brand delivered a full-year revenue growth of 16% and a 7% growth in same-store sales.
Key financial metrics for the fiscal year 2024 include an adjusted net income of $186 million, or $1.14 per diluted share, up from $142 million, or $0.85 per diluted share, in the previous year. Adjusted EBITDA increased by 7% to $553 million. However, the company reported a net loss of $292 million, which is an improvement from the $745 million loss reported in the prior year. Additionally, Driven Brands announced a definitive agreement to sell its U.S. car wash business and a transition in CEO leadership.
Looking forward to fiscal year 2025, Driven Brands has issued an outlook excluding its U.S. car wash business, forecasting revenue between $2.05 billion and $2.15 billion, adjusted EBITDA between $520 million and $550 million, and adjusted EPS between $1.15 and $1.25. The company anticipates same-store sales growth of 1% to 3% and net store growth of approximately 175 to 200 locations.
Driven Brands’ management remains focused on delivering their fiscal year 2025 outlook, reducing debt, and actively managing their portfolio. The company is undergoing a re-segmentation of its operating segments to better align with its strategic initiatives, which will be reflected in its upcoming quarterly reports.