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) is the largest automotive services company in North America, headquartered in Charlotte, NC. The company operates across four key verticals: repair & maintenance, paint & collision, distribution, and quick lube. Driven Brands is the parent company of some of the most recognized automotive aftermarket brands, including Meineke Car Care Centers, Maaco, CARSTAR, Take 5 Oil Change, 1-800-Radiator & A/C, and many others.
With over 4,900 locations across 14 countries, Driven Brands services more than 70 million vehicles annually. In 2023, the company reported a revenue of $2.3 billion, driven by strong execution in its Maintenance segment, particularly in its industry-leading Take 5 Oil Change business.
Recently, Driven Brands announced its financial results for Q3 2023, during which it delivered a revenue of $581.0 million, up 12% from the prior year. The company added 55 new stores and saw significant growth in its key performance indicators. However, it faced challenges in its Car Wash segment, which experienced an $851 million non-cash goodwill impairment. Despite these setbacks, Driven Brands remains focused on operational improvements and strategic growth initiatives.
Driven Brands is committed to enhancing shareholder returns. In August 2023, the company authorized a $50 million share repurchase program, reflecting its confidence in future growth. The company also maintains a robust liquidity position, ending Q3 with $386.8 million in total liquidity.
Recent Highlights:
- Q3 2023 revenue of $581.0 million, up 12% year-over-year.
- Added 55 new stores in Q3 2023.
- $851 million non-cash goodwill impairment in the Car Wash segment.
- $50 million share repurchase program initiated in August 2023.
- Total liquidity of $386.8 million as of Q3 2023.
For more information, visit www.drivenbrands.com.
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