Mister Car Wash, Inc. ( (MCW) ) has realeased its Q3 earnings. Here is a breakdown of the information Mister Car Wash, Inc. presented to its investors.
Mister Car Wash, Inc., headquartered in Tucson, Arizona, is the largest car wash brand in the United States, offering premier cleaning services with a significant focus on sustainability and community engagement. The company operates over 500 locations and is recognized for its expansive subscription service.
In its third quarter of 2024, Mister Car Wash reported a 7% increase in net revenue, reaching $249.3 million, alongside a comparable-store sales rise of 2.9%. The Unlimited Wash Club® (UWC) memberships grew by 2% year-over-year, and the company successfully opened 10 new greenfield locations, marking a significant milestone of surpassing 500 operational sites.
Key financial metrics highlighted include a net income of $22.3 million with an adjusted net income of $28.8 million, and an adjusted EBITDA increase of 10% to $78.8 million. The subscription model continues to be robust, accounting for 74% of total wash sales, with a net gain of approximately 39,000 UWC members year-over-year. The company’s expansion strategy is evident in its opening of 25 new locations over the first nine months of 2024, boosting overall revenue by 7% for the same period.
Looking ahead, Mister Car Wash has revised its fiscal 2024 outlook, raising its guidance for adjusted net income and adjusted EBITDA. The company remains focused on expanding its footprint and enhancing service offerings, while maintaining financial discipline to drive sustainable growth.
