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

Driven Brands (NASDAQ:DRVN) issued an update on its FY 2024 earnings guidance on Thursday morning. 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 Stock Performance

NASDAQ:DRVN traded down $0.10 during trading hours on Friday, reaching $14.75. The company had a trading volume of 1,119,186 shares, compared to its average volume of 659,860. The company has a debt-to-equity ratio of 3.03, a current ratio of 2.11 and a quick ratio of 1.91. 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 price is $14.31 and its 200-day moving average price is $13.20. The firm has a market cap of $2.42 billion, a PE ratio of 368.75, a price-to-earnings-growth ratio of 0.89 and a beta of 1.11.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Driven Brands had a return on equity of 15.03% and a net margin of 0.27%. The company had revenue of $591.70 million during the quarter, compared to analysts’ expectations of $598.49 million. During the same quarter in the prior year, the firm posted $0.19 EPS. Driven Brands’s quarterly revenue was up 1.8% compared to the same quarter last year. Research analysts forecast that Driven Brands will post 0.88 EPS for the current year.

Analyst Upgrades and Downgrades

DRVN has been the subject of a number of research reports. Baird R W raised shares of Driven Brands to a “strong-buy” rating in a research note on Friday, August 2nd. Canaccord Genuity Group lifted their price objective on Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday. Benchmark reissued a “buy” rating and set a $20.00 target price on shares of Driven Brands in a report on Tuesday, August 20th. BMO Capital Markets assumed coverage on Driven Brands in a research report on Monday, July 22nd. They issued a “market perform” rating and a $14.00 target price on the stock. Finally, Piper Sandler reiterated an “overweight” rating and set a $17.00 price target (up from $14.00) on shares of Driven Brands in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.45.

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.