Business
Driven Brands Reschedules Investor Day
CHARLOTTE, N.C., May 18, 2023 /PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven Brands" or the "Company") today announced it is rescheduling
About this update from Driven Brands Holdings Inc.
[{"type":"text","content":"CHARLOTTE, N.C., May 18, 2023 /PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN) (\"Driven Brands\" or the \"Company\") today announced it is rescheduling its Investor Day, originally planned for May 23, 2023. The Company will hold the event in September 2023.\n\n \n \n \n \n \n \n\n \nThe change in timing is primarily due to the Company's recent CFO transition. As previously announced, Gary W. Ferrera was appointed as Chief Financial Officer, effective May 10, 2023, bringing approximately 20 years of financial leadership experience and M&A expertise to Driven Brands. In light of this, the Company believes it is appropriate to postpone its Investor Day to enable the management team to consider additional upside potential in the business.\nThe Company today is also reiterating its fiscal 2023 guidance provided on May 3, 2023, reflecting strong operating performance, momentum in the business, and continued market share gains driven by robust same-store sales and net store growth. For the full year, Driven Brands expects to achieve: \nRevenue of approximately $2.35 billion;Adjusted EBITDA1 of approximately $590 million; andAdjusted Earnings Per Share1 of approximately $1.21.About Driven BrandsDriven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America's leading automotive service businesses including Take 5 Oil Change®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has more than 4,800 locations across 14 countries, and services over 70 million vehicles annually. Driven Brands' network generates approximately $2.1 billion in annual revenue from more than $5.8 billion in system-wide sales.\nCautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms \"anticipate,\" \"believe,\" \"continue,\" \"could,\" \"estimate,\" \"expect,\" \"intend,\" \"likely,\"...