Car wash company Driven Brands rallies in premarket trades on stronger-than-expected revenue and adjusted profit
Driven Brands Holdings Inc.'s stock (DRVN) was up by 11.6% in premarket trades on Wednesday after the car wash operator's adjusted third-quarter profit and revenue beat analyst expectations. Driven Brands said it lost $799.3 million, or $4.83 a share in its third quarter, while in the year-ago period it reported net income of $38.4 million, or 23 cents a share. Adjusted net income of 20 cents a share in the latest quarter beat the FactSet consensus estimate of 18 cents a share. Third-quarter revenue at the Charlotte, N.C. company rose to $581 million from $516 million in the year-ago quarter, ahead of the analysts' consensus view of $568.4 million. Looking ahead, Driven Brands expects adjusted 2023 profit of 92 cents a share and revenue of $2.3 billion, both in-line with analyst expectations.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-01-23 0826ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks