Driven Brands Holdings Inc. reported its fourth-quarter 2024 results, with revenue of $564 million, a 2% increase over the prior year, and Adjusted Net Income of $48 million, or $0.30 per diluted share. For the full fiscal year 2024, total revenue reached $2.3 billion, up 2% year-over-year, with Adjusted EBITDA of $553 million, a 7% increase.
The company announced a definitive agreement to sell its U.S. car wash business to Express Wash Operations, LLC for $385 million, with proceeds earmarked for debt reduction. This strategic move aims to accelerate deleveraging and simplify the business, with the U.S. car wash business to be reported as discontinued operations in fiscal year 2025.
In a significant leadership change, Daniel Rivera, current Chief Operating Officer, has been appointed President and Chief Executive Officer, effective May 9, 2025, succeeding Jonathan Fitzpatrick. Fitzpatrick will transition to Non-Executive Chair of the Board. Driven Brands also issued its fiscal year 2025 outlook, excluding the U.S. car wash business, projecting revenue between $2.05 billion and $2.15 billion, Adjusted EBITDA between $520 million and $550 million, and Adjusted Diluted EPS between $1.15 and $1.25.
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