The earnings call presented a balanced view of Driven Brands' Q3 2024 performance. The company showed solid revenue growth, particularly in the Take 5 Oil Change segment, and made significant strides in debt reduction. However, the quarter was also challenged by substantial weather-related disruptions and a net loss. Despite these challenges, the overall outlook appears cautiously optimistic, bolstered by strong membership growth in the Car Wash segment.

Company Guidance

During Driven Brands' Q3 2024 earnings call, the company provided an optimistic outlook despite weather-related challenges. Driven Brands reported a 2% increase in revenue to $592 million, driven by 56 net new stores and a 1.1% same-store sales growth, marking their 15th consecutive quarter of positive same-store sales growth. Adjusted EBITDA reached $138.8 million, with an adjusted EPS of $0.26 per share. The company highlighted strategic initiatives, including the divestiture of PH Vitres and the ongoing strategic review of the U.S. car wash business, aiming to reduce leverage to less than 3x by year-end 2026. They also emphasized the strength of their Take 5 Oil Change business, which saw a 5.4% same-store sales increase and 45 new openings in the quarter. Despite inflationary pressures, Driven Brands remains committed to its 2024 outlook and strategic growth through franchise expansion and portfolio management.

Solid Revenue Growth

Driven Brands delivered revenue of $592 million for Q3 2024, up 2% compared to the previous year, supported by 56 net new stores and 1.1% same-store sales growth.

Take 5 Oil Change Performance

Take 5 Oil Change achieved its 17th consecutive quarter of positive same-store sales growth, with a revenue increase of 15% and EBITDA growth of 14% compared to Q3 2023. 45 new stores opened in the quarter.

Debt Reduction Achievements

Driven Brands reduced overall leverage to 4.5x in Q3, with a goal of reaching less than 3x leverage by year-end 2026. The company paid down $114 million in debt during the quarter.

Car Wash Membership Milestone

The Car Wash segment surpassed the milestone of 1 million members in the United States, highlighting strong membership growth.

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Driven Brands Holdings (DRVN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DRVN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 20, 2025	2024 (Q4)	0.18 / -	0.19	―	―	―
Oct 31, 2024	2024 (Q3)	0.22 / 0.26	0.2	30.00% (+0.06)
Aug 01, 2024	2024 (Q2)	0.28 / 0.35	0.29	20.69% (+0.06)
May 02, 2024	2024 (Q1)	0.19 / 0.23	0.25	-8.00% (-0.02)
Feb 22, 2024	2023 (Q4)	0.19 / 0.19	0.25	-24.00% (-0.06)
Nov 01, 2023	2023 (Q3)	0.18 / 0.20	0.32	-37.50% (-0.12)
Aug 02, 2023	2023 (Q2)	0.31 / 0.29	0.35	-17.14% (-0.06)
May 03, 2023	2023 (Q1)	0.23 / 0.25	0.28	-10.71% (-0.03)
Feb 22, 2023	2022 (Q4)	0.25 / 0.25	0.18	38.89% (+0.07)
Oct 26, 2022	2022 (Q3)	0.27 / 0.32	0.26	23.08% (+0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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DRVN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 31, 2024	$14.19	$14.85	+4.65%
Aug 01, 2024	$13.44	$14.51	+7.96%
May 02, 2024	$14.66	$11.69	-20.26%
Feb 22, 2024	$14.56	$12.94	-11.13%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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