Driven Brands (NASDAQ:DRVN) Updates FY24 Earnings Guidance

Driven Brands (NASDAQ:DRVN) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $0.88-1.00 for the period, compared to the consensus earnings per share estimate of $0.95. The company issued revenue guidance of $2.35-2.45 billion, compared to the consensus revenue estimate of $2.43 billion.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DRVN. Morgan Stanley lowered shares of Driven Brands from an overweight rating to an equal weight rating and decreased their target price for the stock from $22.00 to $14.00 in a research report on Tuesday, January 16th. The Goldman Sachs Group decreased their target price on shares of Driven Brands from $16.00 to $14.00 and set a neutral rating on the stock in a research report on Friday. Piper Sandler reduced their price target 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. Royal Bank of Canada reduced their price target on shares of Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a research report on Monday, February 26th. Finally, JPMorgan Chase & Co. lowered shares of Driven Brands from an overweight rating to a neutral rating and reduced their price target for the stock from $18.00 to $12.50 in a research report on Friday. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Driven Brands presently has a consensus rating of Moderate Buy and an average target price of $17.94.

Driven Brands Stock Down 0.9 %

NASDAQ:DRVN traded down $0.10 on Friday, hitting $11.59. The company had a trading volume of 2,840,752 shares, compared to its average volume of 1,442,472. 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 has a 50 day moving average of $14.55 and a two-hundred day moving average of $13.54. Driven Brands has a 52 week low of $10.59 and a 52 week high of $29.88.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. The business had revenue of $553.70 million during the quarter, compared to the consensus estimate of $572.92 million. Driven Brands had a negative net margin of 33.30% and a positive return on equity of 11.38%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.22 EPS. As a group, sell-side analysts expect that Driven Brands will post 0.88 EPS for the current year.

About Driven Brands

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.