Welcome to our dedicated page for Driven Brands Holdings news (Ticker: DRVN), a resource for investors and traders seeking the latest updates and insights on Driven Brands Holdings stock.
Driven Brands Holdings Inc. (NASDAQ: DRVN) generates frequent news as a large automotive services company headquartered in Charlotte, North Carolina. As the company describes itself, it is the largest automotive services company in North America, with thousands of locations across the United States and other countries. News related to Driven Brands often reflects developments across its portfolio of brands, including Take 5 Oil Change, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C, Auto Glass Now, and CARSTAR.
On this page, readers can follow coverage of Driven Brands’ earnings releases, where the company reports revenue, system-wide sales, same-store sales trends, segment performance, and non-GAAP metrics such as Adjusted EBITDA and Adjusted EPS. These updates frequently highlight the performance of key segments like Take 5 and Franchise Brands, as well as progress on same-store sales growth and net store growth.
News items also include corporate strategy announcements, such as the definitive agreement to divest IMO, the international car wash business, to Franchise Equity Partners. Such transactions are presented by the company as steps to simplify its portfolio, reduce leverage, and concentrate on core North American operations. Additional coverage may focus on capital markets activity, including whole business securitization issuances and related refinancing of existing debt.
Governance and leadership changes are another recurring theme in Driven Brands news. Examples include the appointment of an Executive Vice President and Chief Operating Officer and the election of independent directors to the Board and Audit Committee. Conference participation announcements, such as appearances at global consumer and retail conferences, also provide insight into how management communicates its strategy to the investment community.
Investors, analysts, and observers can use this news feed to monitor Driven Brands’ operational updates, portfolio moves, financing activities, and leadership developments over time.
Driven Brands (DRVN) reported a strong Q2 2021, achieving revenue of $374.8 million, up 123% year-over-year. System-wide sales reached $1.2 billion, a 65% increase, with a significant same-store sales growth of 38.7%. The company added 70 net new stores and reported net income of $35.2 million, marking a 1051% increase. Driven Brands raised its fiscal 2021 guidance, forecasting revenue of approximately $1.4 billion and adjusted EBITDA of $345 million, supported by ongoing growth in all segments.
Driven Brands (NASDAQ: DRVN) is set to release its Q2 2021 financial results on July 28, 2021, before the market opens. A conference call will follow at 9:00 a.m. ET, available live on the company's Investor Relations webpage. A replay will be available until October 26, 2021. Driven Brands is North America's largest auto services company, managing over 4,200 centers across 15 countries and generating $1 billion in revenue.
Driven Brands Holdings Inc. (NASDAQ: DRVN) announced the acquisition of 18 Frank’s Car Wash Express stores in South Carolina, marking its largest tuck-in acquisition to date. This follows the recent acquisition of 10 Racer Classic Car Washes in Texas, bringing the total to 50 car washes acquired in 2021 alone. Since entering the car wash industry in August 2020, Driven Brands has acquired 67 car washes. The company operates nearly 1,000 locations across 14 countries and aims to leverage its growth strategy in the fragmented car wash market.
Driven Brands Holdings reported a first-quarter revenue of $329.4 million, up 83% from last year, with system-wide sales hitting $1.0 billion. The company achieved a 0.5% increase in same-store sales, driven by a strong performance in the Maintenance and Platform Services segments, which grew 16.5% and 22.0%, respectively. However, a net loss of $(19.9 million) was recorded due to a one-time debt extinguishment loss. Driven Brands raised its guidance for fiscal year 2021, projecting revenue of approximately $1.3 billion.
Driven Brands Holdings (NASDAQ: DRVN) is set to release its first quarter 2021 financial results on April 28, 2021, before market opening. The company will hold a conference call at 9:00 a.m. ET to discuss these results. Investors can access the live webcast on Driven Brands’ Investor Relations webpage, with a replay available until July 27, 2021. Driven Brands is North America's largest automotive services company, operating over 4,200 centers across 15 countries and servicing over 50 million vehicles annually, generating $900 million in revenue from more than $3 billion in system-wide sales.
Driven Brands Holdings reported strong financial results for Q4 and the fiscal year 2020. System-wide sales reached $935.1 million, a 24% increase, driven by 36% net store growth despite a 3.4% decline in same-store sales. Revenue surged to $288.5 million, up 58% year-over-year. The fiscal year saw system-wide sales of $3.4 billion, a 16% increase, with revenue hitting $904.2 million. The company reported a Q4 loss per share of $(0.06), while adjusted EPS was $0.01. Looking ahead, Driven Brands targets low-double-digit revenue growth and positive same-store sales growth for fiscal year 2021.
Driven Brands Holdings (NASDAQ: DRVN) will announce its fourth quarter and fiscal year 2020 financial results on March 10, 2021. The announcement will precede a conference call at 9:00 a.m. ET to discuss the results, available via live webcast on the company’s Investor Relations webpage. Driven Brands is North America's largest automotive services provider, operating over 4,100 centers and servicing 50 million vehicles annually, generating approximately $900 million in revenue from over $3 billion in system-wide sales.
Driven Brands Holdings has priced its initial public offering (IPO) at $22.00 per share, offering 31,818,182 shares. The company, the largest automotive services provider in North America, is set to start trading on Nasdaq under the symbol 'DRVN' on January 15, 2021. Driven Brands plans to utilize IPO proceeds to fully repay existing debt and cover offering expenses. An additional 4,772,727 shares may be purchased by underwriters within 30 days. The IPO is expected to close on January 20, 2021, pending standard closing conditions.
Driven Brands Holdings has launched a roadshow for its proposed initial public offering (IPO). The company plans to offer 38,000,000 shares at an estimated price between $17.00 and $20.00 per share. Driven Brands, the largest automotive services firm in North America, serves consumer and commercial markets with a range of services including vehicle repair and maintenance. Proceeds from the IPO will be used to repay outstanding debts. Additionally, the underwriters have a 30-day option to purchase an extra 5,700,000 shares.