Driven Brands Holdings Inc. announced its third-quarter 2024 financial results, reporting total net revenue of $591.7 million, an increase of 2% compared to the prior year. System-wide sales reached $1.6 billion, also up 2% year-over-year, driven by a 1.1% same-store sales growth, marking the 15th consecutive quarter of positive growth.
The company reported an Adjusted Net Income of $41.8 million, or $0.26 per diluted share, surpassing the prior year's $29.9 million. Adjusted EBITDA increased by 14% to $138.8 million, with the Take 5 Oil Change segment being a key driver, delivering 15% revenue growth and 5% same-store sales growth.
Driven Brands also confirmed it achieved its net leverage target of 4.5x ahead of schedule and reiterated its fiscal year 2024 outlook. The updated outlook, adjusted for the sale of its Canadian distribution business, projects revenue between $2.33 billion and $2.43 billion, Adjusted EBITDA between $529 million and $559 million, and Adjusted EPS between $0.88 and $1.00.
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