Business
Mister Car Wash Announces Third Quarter 2024 Financial Results
Net revenues increased 7% Comparable-store sales increased 2.9% Unlimited Wash Club® (“UWC”) memberships increased 2% year-over-year Opened 10 new greenfield
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 7%\nComparable-store sales increased 2.9%\nUnlimited Wash Club® (“UWC”) memberships increased 2% year-over-year\nOpened 10 new greenfield locations surpassing 500 locations\nRaising 2024 adjusted net income and adjusted EBITDA guidance\n\n TUCSON, Ariz.--(BUSINESS WIRE)--\nMister Car Wash, Inc. (the “Company”) (NYSE: MCW), the nation’s largest car wash brand, today announced its financial results for the quarter ended September 30, 2024.\n\n“We are pleased with our strong third quarter performance and momentum in the business. Our subscription business remained incredibly resilient, our new premium Titanium offering ramped ahead of expectations, retail sales trends moved in the right direction, and we managed expenses. All of this drove strong sales and profit growth in the third quarter,” commented John Lai, Chairperson and CEO of Mister Car Wash. “In the third quarter, we also opened our 500th store – marking another incredible milestone in Mister Car Wash’s 28-year history. With so much growth still ahead of us, we remain committed to expanding our footprint and investing in our team members while providing top-notch car wash services to customers as we scale the nation’s premier car wash brand.”\n\nThird Quarter 2024 Highlights:\n\n\nNet revenues increased 7% to $249.3 million, up from $234.1 million in the third quarter of 2023.\n\n\nComparable-store sales increased 2.9% during the quarter.\n\n\nUWC sales represented 74% of total wash sales compared to 71% in the third quarter of 2023.\n\n\nThe Company added approximately 39 thousand or 2% net new UWC members year-over-year, with approximately 2.1 million members as of September 30, 2024.\n\n\nThe Company opened 10 new greenfield locations, bringing the total number of car wash locations operated to 501 as of September 30, 2024, compared to 462 car wash locations as of September 30, 2023, an increase of 8%.\n\n\nNet income and net income per diluted share were $22.3 million and $0.07, respectively.\n\n\nAdjusted net income(1) and adjusted net income per diluted share(1) were $28.8 million and $0.09, respectively.\n\n\nAdjusted EBITDA(1) increased 10% to $78.8 million from $71.6 million in the third quarter of 2023.\n\n\nNine Month 2024 Highlights:\n\n\nNet revenues increased 7% to $743.6 million, up from $696.9 million in 2023.\n\n\nComparable-store...