Driven Brands Holdings Inc. Reports First Quarter 2024 Results
Driven Brands Holdings Inc. (DRVN)
Company Research
Source: Business Wire
--Achieved 13 consecutive quarters of same store sales growth----Maintenance segment delivered 5% same store sales growth driven by 7% in Take 5 Oil Change----Net Income of $4 million and Adjusted EBITDA of $131 million----Announces CFO transition----Reaffirms Fiscal Year 2024 Outlook-- CHARLOTTE, N.C.--(BUSINESS WIRE)--Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) today reported financial results for the first quarter ending March 30, 2024.For the first quarter, Driven Brands delivered revenue of $572 million, up 2% versus the prior year. System-wide sales were $1.6 billion, up 7% versus the prior year primarily driven by 0.7% same store sales growth and 144 net new units.Net Income was $4.3 million or $0.03 per diluted share versus $29.7 million or $0.17 per diluted share in the prior year. Adjusted Net Income1 was $38.1 million or $0.23 per diluted share versus $39.1 million or $0.23 per diluted share in the prior year. Adjusted EBITDA1 was $131.0
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News
- Driven Brands Holdings Inc. (NASDAQ: DRVN) had its price target lowered by analysts at Barclays PLC from $25.00 to $22.00. They now have an "overweight" rating on the stock.MarketBeat
- Driven Brands Holdings Inc. (NASDAQ:DRVN) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Driven Brands Holdings Inc. (NASDAQ: DRVN) had its price target lowered by analysts at Canaccord Genuity Group Inc. from $21.00 to $17.00. They now have a "buy" rating on the stock.MarketBeat
- Driven Brands Holdings Inc. (NASDAQ: DRVN) had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $16.00 to $14.00. They now have a "neutral" rating on the stock.MarketBeat
- Driven Brands Holdings Inc. (NASDAQ: DRVN) had its price target lowered by analysts at Piper Sandler from $18.00 to $14.00. They now have an "overweight" rating on the stock.MarketBeat
DRVN
Earnings
- 5/2/24 - Beat
DRVN
Sec Filings
- 5/17/24 - Form 3
- 5/14/24 - Form 8-K
- 5/8/24 - Form 10-Q
- DRVN's page on the SEC website