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 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.
Driven Brands Holdings announced a pricing of 7,000,000 shares in an underwritten secondary offering by stockholders affiliated with Roark Capital. The Company will not sell any shares nor receive proceeds. The offering, priced through BofA Securities and Morgan Stanley, allows selling stockholders to receive all proceeds. The registration was effective as of September 12, 2022. Driven Brands operates over 4,600 locations across North America and generates over $1.7 billion in annual revenue from more than $5 billion in system-wide sales.
Driven Brands Holdings Inc. (NASDAQ: DRVN) announced a secondary offering of 7,000,000 shares of common stock by certain stockholders affiliated with Roark Capital Management. The Selling Stockholders will receive all proceeds from this offering, which Driven Brands is not participating in and will not receive any funds from it. BofA Securities and Morgan Stanley are acting as underwriters. The offering details are available through a preliminary prospectus supplement filed with the SEC.
Driven Brands has acquired Auto Glass Fitters, expanding its presence in the $5 billion U.S. auto glass market, and becoming the second-largest player in the sector. This acquisition enhances Driven's mobile capabilities and increases its East Coast footprint, serving over 160 locations and almost 700 mobile units across 41 states. The auto glass services market has shown robust growth, with Auto Glass Fitters reporting a 25% year-over-year sales increase. Driven Brands aims to leverage shared services and deepen its business-to-business relationships, positioning it for further growth.
Driven Brands Holdings (NASDAQ: DRVN) will present at the Goldman Sachs 29th Annual Retailing Conference on September 7, 2022, at approximately 9:35 a.m. Eastern Time. The live audio webcast can be accessed through the Driven Brands’ Investor Relations webpage, with a replay available until September 21, 2022.
Driven Brands is the largest automotive services company in North America, servicing over 50 million vehicles annually. With over 4,500 locations in 14 countries, it generates more than $1.7 billion in annual revenue from over $5.0 billion in system-wide sales.
Driven Brands (NASDAQ: DRVN) reported Q2 2022 revenue of $508.6 million, a 36% increase year-over-year. System-wide sales rose 22% to $1.4 billion, with a consolidated same-store sales growth of 13.2% and net store growth of 80 locations. Despite a net loss of $57 million due to a one-time impairment charge of $125.5 million, adjusted earnings per diluted share were $0.35. The company raised its fiscal 2022 guidance, forecasting $2 billion in revenue and $495 million in adjusted EBITDA, supported by growth strategies and M&A activities.