Driven Brands (NASDAQ:DRVN) Releases FY 2024 Earnings Guidance

Driven Brands (NASDAQ:DRVN - Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.000-1.000 for the period, compared to the consensus estimate of 1.020. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion.

Driven Brands Price Performance

Shares of NASDAQ:DRVN traded up $0.66 during trading on Thursday, hitting $14.85. 1,787,988 shares of the company were exchanged, compared to its average volume of 1,096,726. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 3.03. Driven Brands has a 1-year low of $10.59 and a 1-year high of $16.00. The business's 50 day moving average is $14.31 and its 200-day moving average is $13.21. The company has a market capitalization of $2.44 billion, a P/E ratio of -3.16, a price-to-earnings-growth ratio of 0.83 and a beta of 1.13.

Driven Brands (NASDAQ:DRVN - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.07. Driven Brands had a positive return on equity of 15.12% and a negative net margin of 33.56%. The business had revenue of $611.60 million for the quarter, compared to analysts' expectations of $628.34 million. During the same period last year, the business earned $0.27 EPS. The business's revenue was up .8% on a year-over-year basis. Equities analysts forecast that Driven Brands will post 0.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DRVN. Royal Bank of Canada raised their price target on Driven Brands from $14.00 to $16.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. Piper Sandler reiterated an "overweight" rating and set a $17.00 price objective (up from $14.00) on shares of Driven Brands in a research note on Friday, August 2nd. Robert W. Baird increased their price objective on shares of Driven Brands from $17.00 to $18.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. Baird R W raised Driven Brands to a "strong-buy" rating in a research note on Friday, August 2nd. Finally, BMO Capital Markets started coverage on Driven Brands in a research note on Monday, July 22nd. They set a "market perform" rating and a $14.00 price target for the company. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $16.95.

Driven Brands Company Profile

Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. It offers various services, such as paint, collision, glass, repair, car wash, oil change, and maintenance services. The company also distributes automotive parts, including radiators, air conditioning components, and exhaust products to automotive repair shops, auto parts stores, body shops, and other auto repair outlets; windshields and glass accessories through a network of distribution centers; and consumable products, such as oil filters and wiper blades, as well as training services to repair and maintenance, and paint and collision shops.