Shares of Driven Brands Holdings fell sharply in premarket trading Wednesday after the provider of automotive services posted quarterly earnings that missed expectations and cut its full-year guidance.
The Charlotte, N.C., company reported second-quarter adjusted earnings of 29 cents a share, shy of the 31 cents that analysts polled by FactSet, on average, were expecting.
Revenue rose 19% to $606.9 million, better than Wall Street’s estimate of $587.7 million, but Driven said weaker-than-expected performance in its car-wash segment and U.S. glass business will lead to lower-than-expected results for the year.
Driven said it now expects a full-year 2023 adjusted profit of 92 cents a share on revenue of $2.3 billion, down from prior guidance of $1.21 a share and $2.35 billion, respectively.
Analysts polled by FactSet were expecting 2023 adjusted earnings of $1.23 a share on revenue of nearly $2.37 billion.
Driven shares, which closed Tuesday at $25.83, were recently down 13% to $22.39 in premarket trading.