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

Driven Brands (NASDAQ:DRVN - Get Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.880-1.000 for the period, compared to the consensus estimate of 0.950. The company issued revenue guidance of $2.4 billion-$2.5 billion, compared to the consensus revenue estimate of $2.4 billion.

Driven Brands Trading Down 0.9 %

Shares of Driven Brands stock traded down $0.10 during trading on Friday, hitting $11.59. 2,839,493 shares of the company were exchanged, compared to its average volume of 1,218,006. Driven Brands has a 1-year low of $10.59 and a 1-year high of $29.88. The firm has a market capitalization of $1.90 billion, a P/E ratio of -2.56, a price-to-earnings-growth ratio of 0.91 and a beta of 1.19. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.92 and a quick ratio of 1.73. The firm's fifty day moving average price is $14.59 and its 200 day moving average price is $13.54.

Driven Brands (NASDAQ:DRVN - Get Free Report) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.16 by $0.03. Driven Brands had a positive return on equity of 11.00% and a negative net margin of 32.33%. The business had revenue of $553.70 million for the quarter, compared to the consensus estimate of $572.92 million. During the same quarter last year, the business posted $0.22 EPS. The firm's revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts expect that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on DRVN. JPMorgan Chase & Co. cut shares of Driven Brands from an overweight rating to a neutral rating and cut their price target for the company from $18.00 to $12.50 in a research note on Friday. Canaccord Genuity Group reduced their price target on shares of Driven Brands from $21.00 to $17.00 and set a buy rating on the stock in a research report on Friday. Royal Bank of Canada cut their price target on Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a research note on Monday, February 26th. Piper Sandler cut their target price on shares of Driven Brands from $18.00 to $14.00 and set an overweight rating on the stock in a research report on Friday. Finally, The Goldman Sachs Group reduced their target price on Driven Brands from $16.00 to $14.00 and set a neutral rating on the stock in a report on Friday. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Driven Brands has an average rating of Moderate Buy and a consensus target price of $17.94.

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.