Car wash company Driven Brands rallies in premarket trades on stronger-than-expected revenue and adjusted profit

Driven Brands Holdings Inc.’s stock DRVN, +2.06% 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.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SEC Commissioner Hester Peirce Dissents, Questions SEC's 'Enforcement-Driven Approach to Crypto'Noelle Acheson is the former head of research at CoinDesk and Genesis Trading. This article is excerpted from her Crypto Is Macro Now newsletter, which focuses on the overlap between the shifting crypto and macro landscapes. These opinions are hers, and nothing she writes should be taken as investment advice.
Source: CoinDesk - 🏆 291. / 63 Read more »