Driven Brands (NASDAQ:DRVN) Updates FY24 Earnings Guidance

Driven Brands (NASDAQ:DRVN) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Driven Brands Stock Up 2.3 %

Shares of DRVN stock opened at $14.66 on Thursday. The stock has a fifty day moving average price of $14.62 and a 200 day moving average price of $13.54. Driven Brands has a 1 year low of $10.60 and a 1 year high of $30.75. The company has a quick ratio of 1.73, a current ratio of 1.92 and a debt-to-equity ratio of 3.21.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. The firm had revenue of $553.70 million during the quarter, compared to analysts’ expectations of $572.92 million. Driven Brands had a positive return on equity of 11.00% and a negative net margin of 32.33%. Driven Brands’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 earnings per share. On average, equities research analysts forecast that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on DRVN shares. Piper Sandler cut their price target on Driven Brands from $22.00 to $18.00 and set an overweight rating for the company in a report on Monday, February 26th. Morgan Stanley cut Driven Brands from an overweight rating to an equal weight rating and cut their price target for the stock from $22.00 to $14.00 in a report on Tuesday, January 16th. Royal Bank of Canada cut their price target on Driven Brands from $20.00 to $17.00 and set an outperform rating for the company in a report on Monday, February 26th. JPMorgan Chase & Co. cut their price target on Driven Brands from $19.00 to $18.00 and set an overweight rating for the company in a report on Tuesday, February 20th. Finally, Canaccord Genuity Group boosted their price target on Driven Brands from $20.00 to $21.00 and gave the stock a buy rating in a report on Monday, March 18th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Driven Brands presently has a consensus rating of Moderate Buy and a consensus price target of $19.89.

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.