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Third Quarter Gains: Driven Brands reports Q3 earnings, revenues up 39 percent YOY

Toronto, Ontario Driven Brands reported its third-quarter earnings for 2022 yesterday, where the company reported a 39 percent increase in its revenue (year over year) to US$516.6 million.

The paint, collision and glass segment accounted for approximately 22 percent of company revenue of $113.3 million.

Driven Brands reported a net income of US$38.4 million⁠, a 16 percent increase⁠, and an adjusted net income of US$55 million, a 32 percent increase. 

The company also added 110 new stores across its verticals during Q3 2022. 

Currently, Driven Brands expects to end the year with annual revenues of US$2.0 billion and adjusted EBITDA of approximately US$503 million. 

In terms of store growth, Driven Brands plans to end the year with “low double-digit same-store sales growth,” and net store growth of approximately 370 locations, 190 of which it expects under the paint, collison and glass segment. 

For more information on Driven Brands Q3 results, click here.

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