Driven Brands Reports Q3 2024 Financial Results

Driven Brands Holdings, Inc. ( (DRVN) ) has released its Q3 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 North America’s largest automotive services company, offering a wide array of services like paint, collision, glass, vehicle repair, oil change, maintenance, and car wash through its extensive network of over 5,100 locations across 14 countries.

In its latest earnings report, Driven Brands Holdings Inc. announced its financial results for the third quarter of 2024, highlighting its 15th consecutive quarter of same-store sales growth. The company reported a slight increase in revenue and maintained its strong performance in segments like Take 5 Oil Change, which saw substantial revenue and same-store sales growth.

Key financial metrics from the quarter include a 2% increase in revenue year-over-year to $592 million, driven by a 1.1% growth in same-store sales and the addition of 56 new units. Despite a net loss of $14.9 million, significantly improved from a $799.3 million loss the previous year, Adjusted Net Income rose to $41.8 million. The company’s Adjusted EBITDA also saw a notable 14% increase to $138.8 million, showcasing its operational strength.

The company’s strategic focus remains on leveraging its brands like Take 5 Oil Change and franchise operations to sustain growth. Driven Brands successfully achieved its net leverage target ahead of schedule, reiterating its commitment to financial discipline and deleveraging.

Looking forward, Driven Brands reaffirms its fiscal year 2024 outlook, expecting continued growth in revenue and adjusted metrics, supported by a robust pipeline and expansion plans. The company remains committed to capitalizing on its market position while navigating economic challenges effectively.