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 (DRVN), a leader in automotive aftermarket services, provides integrated solutions across repair, maintenance, and collision care. This page aggregates official company announcements and verified news updates for stakeholders seeking timely insights into DRVN's operations and market position.
Access curated press releases covering financial results, strategic partnerships, facility expansions, and technology initiatives. Investors will find earnings reports, merger disclosures, and leadership updates, while industry analysts can track trends through DRVN's service innovations and market responses.
Content is organized chronologically sorted announcements with cross-references to related developments. Regular updates ensure comprehensive coverage of DRVN's activities across North America, from quick lube service expansions to distribution network enhancements.
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Driven Brands Holdings Inc. (NASDAQ: DRVN) reported Q2 2024 results, marking its 14th consecutive quarter of same-store sales growth. Key highlights include:
- Revenue of $612 million, up 1% year-over-year
- System-wide sales of $1.7 billion, up 1%
- Net Income of $30.2 million or $0.18 per diluted share
- Adjusted EBITDA of $152.2 million, up 4%
- Take 5 Oil Change: 16% revenue growth, 6% same-store sales growth, 19% unit growth
The company updated its FY2024 outlook, expecting revenue at the low end of $2.35-$2.45 billion, Adjusted EBITDA in the mid to high end of $535-$565 million, and Adjusted EPS at the high end of $0.88-$1.00. Driven Brands also announced the appointment of Michael Diamond as CFO, effective August 9, 2024.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has successfully closed a $275 million securitization issuance of Series 2024-1 Fixed Rate Senior Secured Notes, Class A-2. The notes, maturing in October 2054 with an anticipated repayment date in October 2031, were priced at a 6.372% coupon. The proceeds will refinance existing debt, cover transaction fees, and support general corporate purposes. Additionally, Driven Brands increased its Variable Funding Notes capacity by $400 million through Series 2024-1 Class A-1 Notes.
This marks Driven Brands' eleventh whole business securitization issuance. Both note series received ratings of BBB from Kroll Bond Rating Agency and BBB- from S&P Global Ratings. The offering was made to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced its plans to release second quarter 2024 earnings before the market opens on August 1, 2024. Following the release, the company will host a conference call at 8:30 a.m. ET to discuss financial and operating performance. Investors can access the live webcast of the conference call on Driven Brands' Investor Relations webpage. An archived replay of the call will be available on the same webpage until at least October 31, 2024.
Driven Brands (NASDAQ: DRVN) will present at the William Blair Growth Stock Conference in Chicago on June 5, 2024, at 10:00 a.m. Central/11:00 a.m. ET. The presentation will be webcast live on the company's Investor Relations website and available for replay for 30 days. Driven Brands, headquartered in Charlotte, NC, is North America's largest automotive services company with over 5,000 locations in 13 countries, servicing 70 million vehicles annually. The company generates approximately $2.3 billion in annual revenue from $6.4 billion in system-wide sales. Key brands include Take 5 Oil Change, Meineke Car Care Centers, and Maaco.
Driven Brands Holdings Inc. (NASDAQ: DRVN) reported strong financial results for the first quarter of 2024, with revenue reaching $572 million, up 2% from the prior year. The company achieved 13 consecutive quarters of same store sales growth and announced a CFO transition. Net Income was $4.3 million, Adjusted EBITDA was $131 million. The Maintenance segment delivered 5% same store sales growth driven by 7% in Take 5 Oil Change, contributing to total system-wide sales of $1.6 billion, up 7% versus the prior year.
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