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 reported a 39% increase in revenue for fiscal 2022, reaching $2 billion, fueled by a 14% growth in same-store sales and 9% net store growth. In Q4 alone, revenue was $539.7 million, up 38% year-over-year, with net income of $27.4 million, or $0.16 per diluted share. Adjusted Net Income rose 35% to $42.2 million or $0.25 per diluted share. The company's 2023 guidance suggests revenue of approximately $2.35 billion and same-store sales growth of 5% to 7%, indicating strong momentum moving forward.
Driven Brands Holdings Inc. (NASDAQ: DRVN) will announce its fourth quarter and year-end 2022 earnings on February 22, 2023, before market opening. Following the announcement, a conference call is scheduled at 8:30 a.m. ET to discuss financial performance. The call will be accessible via a live webcast on the company’s Investor Relations webpage, with an archived replay available until May 2, 2023. Driven Brands, headquartered in Charlotte, NC, is the largest automotive services company in North America, generating approximately $1.9 billion in annual revenue from over $5.3 billion in system-wide sales.
Driven Brands Holdings (NASDAQ: DRVN) has announced the grand opening of its tenth Take 5 co-development site in Concord, North Carolina. The company is on track to double its franchise footprint by signing its 1,000th Take 5 Oil Change franchise license. Driven Brands aims to complete the rebranding of over 200 car wash locations to the Take 5 brand by the end of this year, emphasizing a streamlined car care experience that integrates oil changes and car washes. The initiative is projected to lead to significant operational synergies and has a pipeline of over 50 new co-developed locations planned for the next two years.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has appointed Danny Rivera as Chief Operating Officer, effective February 20, 2023. Rivera, with over two decades of experience, aims to enhance operations and integrate offerings within the company. He takes over from Mo Khalid, who returns as Executive Vice President & Group President, Maintenance, overseeing brands like Take 5 Quick Lube and Meineke. Driven Brands, the largest automotive services company in North America, reported approximately $1.9 billion in annual revenue and operates over 4,700 locations. The restructuring is expected to leverage a customer base of more than 29 million, boosting growth in the Maintenance segment.
Driven Brands announces that it will rebrand its glass servicing under the Auto Glass Now brand starting January 2023. This move positions Driven Brands as the second largest player in the U.S. auto glass service sector, with approximately 175 locations and over 700 mobile units. The rebranding aims to enhance customer experience and operational standardization, supporting further growth through mergers and acquisitions. Driven Brands will leverage shared services to strengthen its market presence and improve B2B capabilities within its extensive portfolio.
Driven Brands Holdings will present at the Morgan Stanley Global Consumer & Retail Conference on December 6, 2022, at 9:30 a.m. Eastern Time. The presentation will be available via live audio webcast on the Driven Brands Investor Relations webpage and a replay will be accessible until December 20, 2022. Driven Brands, headquartered in Charlotte, NC, is North America’s largest automotive services company with over 4,700 locations servicing more than 50 million vehicles annually and generating approximately $1.9 billion in annual revenue.
Driven Brands (NASDAQ: DRVN) reported a 39% revenue increase to $516.6 million for Q3 2022, driven by a 12% growth in same-store sales and net store growth. Net income rose 16% to $38.4 million, or $0.23 per share. Adjusted net income increased 26% to $55 million, or $0.32 per share. The company added 101 new stores and raised its fiscal 2022 revenue guidance to approximately $2 billion. Driven Brands is well-positioned with a solid liquidity of $287.6 million and confidence in meeting long-term plans.
Driven Brands Holdings Inc. (NASDAQ: DRVN) is set to announce its third quarter 2022 earnings before the market opens on October 26, 2022. A conference call will follow at 9:00 a.m. ET to discuss the company's financial and operating performance. Driven Brands is the largest automotive services company in North America, with over 4,600 locations and more than $1.7 billion in annual revenue. The conference call will be available via a live webcast, and a replay will remain accessible until February 21, 2023.
Driven Brands Holdings (NASDAQ: DRVN) announced the expansion of its Take 5 Oil Change® franchise network, surpassing 800 locations across the U.S. and Canada. The recent opening of its 200th U.S. franchise in Hutto, Texas, is part of a rapid growth strategy fueled by strong consumer demand for its fast, drive-thru oil change service. With more than 950 additional locations planned, the brand enjoys compelling unit-level economics and high return on investment for franchisees, indicating a strong pipeline for future growth.
Driven Brands Holdings has successfully closed a $365 million offering of Series 2022-1 Fixed Rate Senior Secured Notes, maturing in October 2027. This issuance marks an increase of over 30% from earlier offerings. The proceeds will be used for general corporate purposes, including repaying revolving credit facilities. The Notes carry a coupon of 7.4% and an effective interest rate of 6.7%. Ratings were assigned at BBB by Kroll and BBB- by S&P. Driven Brands, a leader in the automotive services sector, operates over 4,600 locations in North America, generating more than $1.7 billion in annual revenue.