NASDAQ$DRVN
Driven Brands Holdings Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Driven Brands' Q2 2023 performance was marked by a 19% revenue increase, driven by 8% same-store sales growth and 7% net store growth, despite challenges in the Car Wash segment and U.S. glass business.
Driven Brands reported a 19% increase in revenue to $606.9 million for Q2 2023, driven by strong same-store sales and net store growth. Net income increased to $37.7 million, compared to a net loss in the prior year. The company is updating its full-year guidance due to weaker than anticipated performance in the Car Wash segment and U.S. glass business.
- Revenue increased by 19% to $606.9 million compared to the prior year.
- System-wide sales increased by 18% to $1.7 billion versus the prior year.
- Net income increased to $37.7 million, or $0.22 per diluted share.
- The company added 74 net new stores in the quarter.
Headline financials
Revenue & EPS history
Driven Brands · Revenue · Quarterly
$607M
Revenue by segment
Driven Brands · $607M total across 5 segments · Q2 2023
- Company-operated store sales$395M+21.8%65.0%
- Supply and other revenue$76.2M+21.2%12.6%
- Independently-operated store sales$61.5M+12.0%10.1%
- Franchise royalties and fees$49.8M+11.0%8.2%
- Advertising contributions$24.7M+12.0%4.1%
Forward guidance
Driven Brands is updating its fiscal year 2023 guidance based on weaker than anticipated performance in the Car Wash segment and U.S. glass business. Revenue is now expected to be $2.30 billion, Adjusted EBITDA is projected at $535 million, and Adjusted EPS is forecasted at $0.92.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
-3.4%
Avg return
Earnings day
-1.8%
Avg return
5 days after
+0.6%
Avg return
30 days after
46%
11 / 24 earnings
Positive
+10.4%
Q1 2022
Best reaction
-37.7%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | -36.4% | +3.9% | — | |
| Q3 2025 | +5.5% | -2.8% | +7.6% | |
| Q2 2025 | +1.9% | -2.4% | +13.1% | |
| Q1 2025 | +6.8% | +2.0% | +1.3% | |
| Q4 2024 | +2.1% | +14.4% | +16.8% | |
| Q3 2024 | +3.9% | +7.3% | +18.7% | |
| Q2 2024 | +1.0% | -0.4% | +6.7% | |
| Q1 2024 | -20.9% | -21.6% | -21.6% | |
| Q4 2023 | -7.6% | -6.3% | +5.2% | |
| Q3 2023 | +2.6% | +1.3% | +20.3% | |
| Q2 2023 | -37.7% | -40.4% | -42.5% | |
| Q1 2023 | -4.5% | -7.1% | -16.1% | |
| Q4 2022 | -0.5% | +1.4% | +0.7% | |
| Q3 2022 | -4.6% | -0.9% | -4.6% | |
| Q2 2022 | +2.0% | +6.7% | +8.0% | |
| Q1 2022 | +10.4% | +9.1% | +12.9% | |
| Q4 2019 | -3.8% | -4.5% | -6.8% | |
| Q4 2021 | -1.2% | -4.3% | -5.6% | |
| Q3 2020 | -1.9% | +2.4% | +3.2% | |
| Q3 2021 | -2.0% | +4.3% | -0.6% | |
| Q2 2020 | -0.1% | -0.9% | +5.2% | |
| Q2 2021 | +3.3% | +2.7% | -4.0% | |
| Q1 2021 | +6.9% | +3.0% | +7.7% | |
| Q4 2020 | -5.8% | -10.4% | -12.1% | |
| Q1 2020 | — | — | — | |
| Q1 2019 | — | — | — |
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