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Car wash company Driven Brands rallies in premarket trades on stronger-than-expected revenue and adjusted profit

Clyde Edgerton by Clyde Edgerton
November 1, 2023
in Markets
Car wash company Driven Brands rallies in premarket trades on stronger-than-expected revenue and adjusted profit
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Driven Brands Holdings Inc.’s stock DRVN was up by 11.6% in premarket trades on Wednesday after the car wash operator’s adjusted third-quarter profit and revenue beat analyst expectations. Driven Brands said it lost $799.3 million, or $4.83 a share in its third quarter, while in the year-ago period it reported net income of $38.4 million, or 23 cents a share. Adjusted net income of 20 cents a share in the latest quarter beat the FactSet consensus estimate of 18 cents a share. Third-quarter revenue at the Charlotte, N.C. company rose to $581 million from $516 million in the year-ago quarter, ahead of the analysts’ consensus…



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Clyde Edgerton

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