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 Inc. (NASDAQ: DRVN) has announced the sale of its Canadian distribution business, primarily operated under the PH Vitres d'Auto brand, to PGW Auto Glass. The transaction, effective August 31, 2024, is expected to have minimal impact on the company's fiscal year 2024 outlook. Net proceeds will be used to pay down debt. The sale aligns with Driven Brands' active portfolio management strategy and is anticipated to be margin rate accretive. The Canadian distribution business was part of the Company's Platform Services segment. Driven Brands will provide further details and update its full-year outlook during the Q3 earnings call.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced its participation in the 31st Annual Goldman Sachs Global Retailing Conference in New York. The company's fireside chat is scheduled for September 5, 2024, at 1:50 p.m. ET. The event will be webcast live on Driven Brands' Investor Relations website and will be available for replay for at least 30 days.
Driven Brands is North America's largest automotive services company, offering a range of services including paint, collision, glass, vehicle repair, oil change, maintenance, and car wash. The company operates over 5,000 locations across 13 countries, servicing approximately 70 million vehicles annually. Driven Brands' network generates about $2.3 billion in annual revenue from approximately $6.4 billion in system-wide sales.
PARC Auto, backed by Kian Capital, has become the largest Meineke franchisee in just over a year since its formation. The company has expanded from 15 to 35 locations through new store openings and acquisitions, entering markets in Florida, Indiana, Texas, and Oregon. PARC Auto recently received the Growth Award at the annual Meineke Conference.
The company has strengthened its executive team with the addition of Russ Bowling as Chief Operating Officer, complementing the recent appointments of Don Hill as CEO and Tara Simecek as CFO. PARC Auto plans to continue its growth strategy, focusing on building density in target markets and maintaining high-quality service standards.
Driven Brands Holdings Inc. (NASDAQ: DRVN), North America's largest automotive services company, has appointed Michael Diamond as Executive Vice President and Chief Financial Officer, effective August 9, 2024. Diamond, with extensive financial and multi-unit experience, most recently served as CFO of The Michaels Companies and previously held senior finance roles at Yum! Brands.
Jonathan Fitzpatrick, President and CEO, expressed excitement about Diamond joining the team, citing his proven leadership and expertise in driving growth strategies and M&A. The company thanked Joel Arnao, who served as Interim CFO since May 2024 and will continue as SVP of FP&A, Investor Relations, and Treasury.
Driven Brands operates over 5,000 locations across 13 countries, servicing approximately 70 million vehicles annually. The network generates about $2.3 billion in annual revenue from $6.4 billion in system-wide sales.
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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