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Mister Car Wash stock falls in first earnings report since IPO

Editorial Staff by Editorial Staff
August 13, 2021
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Mister Car Wash stock falls in first earnings report since IPO

Mister Car Wash Inc. shares fell in the extended session Thursday after the car-wash chain’s earnings and outlook topped Wall Street results in the company’s first report as a public company.

After falling as much as 5% in after-hours trading, Mister Car Wash MCW, -5.13% ended the extended session down just 1.4%. That was on the heels of a 1.1% gain in the regular session to close at $20.19.

The company reported second quarter loss of $110.3 million, or 42 cents a share, compared with a loss of $9.7 million, or 3 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses of $203.2 million and other items, were 14 cents a share, compared with a break-even per share bottom line in the year-ago period.

Revenue rose to $197.1 million from $101.9 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast 8 cents a share on revenue of $192.2 million.

“Upon entering our next chapter as a public company, we continue to see significant growth ahead as we capitalize on the strong fundamentals of our business as well as on the highly fragmented and resilient industry in which we operate,” said Jon Lai, chief executive of Mister Car Wash, in a statement.

“We believe we are well positioned to continue driving sustainable profitable growth in the years ahead as our team continues to deliver exceptional service, providing our customers not only the best car wash, but a fast, smooth and seamless experience,” Lai said.

Mister Car Wash forecast full-year adjusted earnings of 39 cents to 44 cents a share on about a 30% rise in revenue, or about $747.4 million based on the company’s 2020 sales.

Analysts had estimated 30 cents a share on revenue of $742.4 million for the year.

The company debuted its stock on the New York Stock Exchange in late June, and it climbed 37% its first day from its pricing of $15 a share.

Analysts received the stock well in July, and currently out of the eight that cover the stock, three have buy ratings, and five have hold ratings, with an average target price of $23.63.

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