Driven Brands Holdings Inc. Stock Price, News & Analysis

Driven Brands Holdings announced that CEO Jonathan Fitzpatrick and CFO Tiffany Mason will present at the Goldman Sachs 28th Annual Global Retailing Conference on September 9, 2021, at 4:10 PM ET. The presentation will be available via webcast on the company's Investor Relations website, with a replay accessible until October 8, 2021. Driven Brands is the largest automotive services company in North America, operating over 4,300 locations and servicing more than 50 million vehicles annually, generating over $1 billion in revenue with $3 billion in system-wide sales.

Driven Brands Holdings announced the pricing of a secondary public offering of 12 million shares of common stock at $29.50 per share, by Selling Stockholders, Driven Equity LLC and RC IV Cayman ICW Holdings LLC. The Selling Stockholders have granted a 30-day option for underwriters to purchase an additional 1.8 million shares. Driven Brands will not receive proceeds from this offering and remains under the control of the Selling Stockholders, who will hold approximately 65.4% of the company's outstanding shares post-offering.

Driven Brands announced a secondary public offering of 12 million shares of common stock by related entities of Roark Capital Management. Driven Brands will not sell any shares or receive proceeds from this offering. Following the offering, the Selling Stockholders will maintain a 65.4% ownership in Driven Brands, totaling at least 109 million shares. The offering includes a 30-day option for underwriters to purchase an additional 1.8 million shares. Major underwriters include Morgan Stanley, BofA Securities, Goldman Sachs, and J.P. Morgan.

Driven Brands (DRVN) reported a strong Q2 2021, achieving revenue of $374.8 million, up 123% year-over-year. System-wide sales reached $1.2 billion, a 65% increase, with a significant same-store sales growth of 38.7%. The company added 70 net new stores and reported net income of $35.2 million, marking a 1051% increase. Driven Brands raised its fiscal 2021 guidance, forecasting revenue of approximately $1.4 billion and adjusted EBITDA of $345 million, supported by ongoing growth in all segments.

Driven Brands (NASDAQ: DRVN) is set to release its Q2 2021 financial results on July 28, 2021, before the market opens. A conference call will follow at 9:00 a.m. ET, available live on the company's Investor Relations webpage. A replay will be available until October 26, 2021. Driven Brands is North America's largest auto services company, managing over 4,200 centers across 15 countries and generating $1 billion in revenue.

Driven Brands Holdings Inc. (NASDAQ: DRVN) announced the acquisition of 18 Frank’s Car Wash Express stores in South Carolina, marking its largest tuck-in acquisition to date. This follows the recent acquisition of 10 Racer Classic Car Washes in Texas, bringing the total to 50 car washes acquired in 2021 alone. Since entering the car wash industry in August 2020, Driven Brands has acquired 67 car washes. The company operates nearly 1,000 locations across 14 countries and aims to leverage its growth strategy in the fragmented car wash market.

Driven Brands Holdings reported a first-quarter revenue of $329.4 million, up 83% from last year, with system-wide sales hitting $1.0 billion. The company achieved a 0.5% increase in same-store sales, driven by a strong performance in the Maintenance and Platform Services segments, which grew 16.5% and 22.0%, respectively. However, a net loss of $(19.9 million) was recorded due to a one-time debt extinguishment loss. Driven Brands raised its guidance for fiscal year 2021, projecting revenue of approximately $1.3 billion.

Driven Brands Holdings (NASDAQ: DRVN) is set to release its first quarter 2021 financial results on April 28, 2021, before market opening. The company will hold a conference call at 9:00 a.m. ET to discuss these results. Investors can access the live webcast on Driven Brands’ Investor Relations webpage, with a replay available until July 27, 2021. Driven Brands is North America's largest automotive services company, operating over 4,200 centers across 15 countries and servicing over 50 million vehicles annually, generating $900 million in revenue from more than $3 billion in system-wide sales.

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.