Group 1 - Meritage Homes (MTH) has seen a 5.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - UL Solutions Inc. (ULS) has experienced a 4.2% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Krystal Biotech (KRYS) has reported a 3.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] Group 2 - Royal Caribbean Cruises (RCL) has seen a 2.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] - Driven Brands Holdings (DRVN) has experienced a 2.2% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [4]

Driven Brands Holdings Inc. (NASDAQ:DRVN) Q2 2024 Earnings Conference Call August 1, 2024 8:30 AM ET Company Participants Jonathan Fitzpatrick - President and CEO Danny Rivera - EVP and COO Joel Arnao - SVP & Interim CFO Chris Thompson - Senior Director, Treasury, and IR Conference Call Participants Simeon Gutman - Morgan Stanley Justin Kleber - Robert W. Baird Robby Ohmes - Bank of America Seth Sigman - Barclays Madison Callinan - Canaccord Genuity Christian Carlino - J.P. Morgan Peter Keith - Piper Sandle ...

Andy Sotiriou Summary Following my coverage of Driven Brands Holdings (NASDAQ:DRVN) in Mar'24, which I recommended a buy rating due to my expectation that the shares have been oversold and DRVN can beat its FY26 EBITDA margin guidance, this post is to provide an update on my thoughts on the business and stock. I am still buy-rated on DRVN despite the poor headline revenue performance. Bad weather was a major headwind for DRVN and had masked the positive results from DRVN's pricing strategy. As DRVN laps thi ...

Driven Brands Holdings Inc. (DRVN) reported $611.57 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 0.8%. EPS of $0.35 for the same period compares to $0.29 a year ago. The reported revenue represents a surprise of -2.76% over the Zacks Consensus Estimate of $628.9 million. With the consensus EPS estimate being $0.27, the EPS surprise was +29.63%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expecta ...

Core Viewpoint - Driven Brands Holdings Inc. reported quarterly earnings of $0.35 per share, exceeding the Zacks Consensus Estimate of $0.27 per share, and showing an increase from $0.29 per share a year ago, representing an earnings surprise of 29.63% [1][2] Financial Performance - The company posted revenues of $611.57 million for the quarter ended June 2024, which was 2.76% below the Zacks Consensus Estimate, and a slight increase from $606.85 million year-over-year [2] - Over the last four quarters, Driven Brands has surpassed consensus EPS estimates four times but has only topped revenue estimates once [2] Stock Performance - Driven Brands shares have declined approximately 5.8% since the beginning of the year, contrasting with the S&P 500's gain of 15.8% [3] - The current Zacks Rank for Driven Brands is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $613.04 million, and for the current fiscal year, it is $0.93 on revenues of $2.4 billion [7] - The estimate revisions trend for Driven Brands is mixed, and future changes in estimates will be closely monitored following the recent earnings report [6][7] Industry Context - The Automotive - Original Equipment industry, to which Driven Brands belongs, is currently ranked in the bottom 11% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The performance of Driven Brands may be influenced by the overall outlook for the industry, as higher-ranked industries tend to outperform lower-ranked ones significantly [8]

Financial Performance - Driven Brands reported Q2 2024 revenue of $612 million, a 1% increase year-over-year[1] - Net income for Q2 2024 was $30.2 million, down from $37.7 million in the prior year, with adjusted net income of $58.0 million, up from $45.7 million[2] - Same-store sales growth was 0.5% for the quarter, with system-wide sales reaching $1.7 billion, also a 1% increase year-over-year[1] - Net income for the six months ended June 29, 2024, was $34,420 thousand, compared to $67,498 thousand for the same period in the previous year, indicating a decrease of approximately 48%[14] - Net income for the three months ended June 29, 2024, was $30,159,000, a decrease of 20% compared to $37,749,000 for the same period in 2023[21] - Adjusted net income for the three months ended June 29, 2024, was $58,009,000, up 27% from $45,703,000 in the prior year[21] - The diluted earnings per share for the three months ended June 29, 2024, was $0.18, compared to $0.22 for the same period in 2023, reflecting a decrease of 18%[21] Operational Highlights - Take 5 Oil Change achieved 19% year-over-year unit growth and 6% same-store sales growth, contributing to overall revenue growth of 16%[2] - The company has over 5,000 locations across 13 countries, servicing approximately 70 million vehicles annually[10] - The company operated 1,298 stores as of June 29, 2024, compared to 1,274 stores as of July 1, 2023, indicating a net increase in store count[28] - The total store count increased to 5,053, with franchise stores numbering 3,035 and company-operated stores totaling 1,298[29] Liquidity and Financial Position - The company ended Q2 2024 with total liquidity of $316.1 million, including $148.8 million in cash and cash equivalents[4] - Cash and cash equivalents decreased from $176,522 thousand to $148,814 thousand, a reduction of about 15.7%[15] - Total assets decreased from $5,910,804 thousand as of December 30, 2023, to $5,826,207 thousand as of June 29, 2024, representing a decline of approximately 1.4%[13] - Total current liabilities decreased from $427,167 thousand to $359,204 thousand, a reduction of approximately 15.9%[13] - Long-term debt decreased from $2,910,812 thousand to $2,855,823 thousand, a decline of about 1.9%[13] - The company reported an accumulated deficit of $(675,667) thousand as of June 29, 2024, improving from $(710,087) thousand at the end of the previous period[13] - Total shareholders' equity attributable to Driven Brands Holdings Inc. increased from $906,079 thousand to $942,790 thousand, an increase of approximately 4%[13] Future Outlook - Driven Brands updated its fiscal year 2024 outlook, projecting revenue of approximately $2.35 to $2.45 billion[7] - Adjusted EBITDA for fiscal year 2024 is expected to be in the range of $535 to $565 million, with adjusted EPS projected at $0.88 to $1.00[7] - The company anticipates same-store sales growth of 1% to 3%, revised from the original outlook of 3% to 5%[9] - The company plans to expand its market presence through new store openings and potential acquisitions[29] - Future outlook includes continued investment in new product development and technology enhancements[29] - The company aims to improve user data analytics to enhance customer experience and operational efficiency[29] - Strategic initiatives will focus on increasing sales through enhanced marketing efforts and customer engagement[29] Segment Performance - Adjusted EBITDA for the three months ended June 29, 2024, was $152,218,000, an increase of 4% compared to $146,370,000 for the same period in 2023[24] - The Maintenance segment reported Adjusted EBITDA of $102,935,000 for the three months ended June 29, 2024, up 21% from $84,812,000 in the prior year[27] - The Car Wash segment's Adjusted EBITDA decreased to $33,772,000 for the three months ended June 29, 2024, down 15% from $39,761,000 in the same period last year[27] Other Financial Metrics - Cash provided by operating activities for the six months ended June 29, 2024, was $107,224 thousand, compared to $114,583 thousand for the same period in the previous year, a decrease of approximately 6.5%[14] - Capital expenditures for the six months ended June 29, 2024, were $155,920 thousand, down from $320,071 thousand in the prior year, a reduction of about 51.2%[14] - The company expects to incur acquisition-related costs in future periods, which are expensed as incurred under U.S. GAAP[26] - The company reported a foreign currency transaction loss of $681,000 for the three months ended June 29, 2024, compared to a gain of $(1,302,000) in the same period last year[21] System-wide Sales - Total system-wide sales reached $3,271,937,000, with franchise stores contributing $1,389,473,000[29] - The company-operated stores generated $769,137,000 in sales, while independently operated stores accounted for $113,327,000[29] - For the month ended July 2023, total system-wide sales were $3,161,977, with franchise stores contributing $2,277,268[29] - The company-operated stores reported sales of $770,644, while independently operated stores generated $114,065[29] - The total store count for July 2023 was 4,938, with franchise stores at 2,948 and company-operated stores at 1,274[29]

Group 1 - Driven Brands Holdings Inc. is under investigation by the Portnoy Law Firm for potential claims against its board of directors regarding breaches of fiduciary duties and mismanagement [1][2]. - The company operates in the automotive services sector, providing a range of vehicle maintenance and repair services through a franchise model [3]. - Driven Brands generates revenue by selling franchises and offering support to franchisees, while also directly managing some locations [3]. Group 2 - The Portnoy Law Firm has a history of recovering over $5.5 billion for investors affected by corporate wrongdoing [4]. - Investors who purchased Driven Brands shares prior to 2022 are encouraged to contact the law firm for discussions regarding their rights and interests [2][4].

TORONTO, June 04, 2024 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), the Smart Off-Grid™ Company, announces its financial results for the first quarter of 2024 ("Q1 2024") ending March 31, 2024. A complete set of Financial Statements and Management's Discussion & Analysis ("MD&A") has been filed at www.sedarplus.ca. All dollar amounts are denominated in Canadian dollars. On a Trailing Four Quarter ("TFQ") basis: Revenue was $5,950,005, a 255% increase from $1, ...

Key PointsAs the automotive industry sets up for a potential comeback, three stocks could give investors double-digit EPS growth and upside through price targets. Being the first to get paid in the industry's value chain, these OEM names have analysts jumping all over them. Despite trading well below their 52-week lows, P/E ratios show markets are placing a premium quality on the future.The latest ISM manufacturing PMI index suggests that the turning point for the automotive stock sector is imminent. Accord ...

Conference Call Participants Company Participants Simeon Gutman - Morgan Stanley Peter Benedict - Baird Robby Ohmes - Bank of America Seth Sigman - Barclays Madison Callinan - Canaccord Genuity Christian Carlino - JPMorgan Kate McShane - Goldman Sachs Chris O'Cull - Stifel Peter Keith - Piper Sandler Good morning. My name is Karina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Driven Brands Q1 2024 Earnings Call. All lines have been placed on mute to pr ...