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. reports developments across its North American automotive services platform, including Take 5 Oil Change, Meineke, Maaco, 1-800-Radiator & A/C, Auto Glass Now, CARSTAR, Abra and Fix Auto USA. News commonly covers earnings updates, same-store sales, unit growth, franchise-brand activity, collision repair certifications, auto glass operations and changes to reportable segments.
The company’s recent corporate updates also include the completed sale of its international car wash business, updated segment reporting for Take 5, Franchise Brands and Auto Glass Now, and financial-reporting matters such as restatements, delayed periodic filings, Nasdaq compliance notices and securities litigation developments.
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.