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Tuesday Ticker: August 2, 2022

Toronto, Ontario ⁠— In this week’s Tuesday Ticker, Driven Brands announces its 2022 Q2 results while simultaneously marking its sixth auto glass acquisition. Plus, Boyd Group Services solidifies plans for its Q2 results call. 

Driven marks more glass gains 

Driven Brands reported revenues of $508.6 million during its Q2 results call, marking a 36 percent increase versus the prior year. 

The company also reported a net loss of $57 million. 

System-wide sales were $1.4 billion, or an increase of 22 percent over the previous year. Net store growth was seven percent and the company noted a 13.2 percent increase in consolidated same-store sales.

The company also said its paint, collision and glass segment posted positive same-store sales of 16 percent. Revenue for paint, collision and glass segments totalled $95.4 million in Q2 2022. 

“We added over 194 direct repair programs with insurance carriers in the second quarter,” remarked Jonathan Fitzpatrick, CEO of Driven Brands, during the earnings call. “The recovery in the collision business continues. In fact, estimate counts for the industry continue to grow, and our shops have consistently outpaced the industry.”

Driven Brands has also added another automotive glass company to its network, announcing the acquisition of Tennessee-based Jack Morris Auto Glass, adding 10 locations to its U.S. network. 

This marks Driven Brands’ sixth auto glass acquisition; the company announced it had purchased Florida’s K&K Auto Glass in early July, and Indiana-based Perfection Auto Glass in mid-June.

Boyd booked in for Q2 results call

Boyd Group Services says it will release its Q2 2022 fiscal results on August 10, 2022, before the markets open. 

Following the result release, Boyd President and CEO Tim O’Day, along with Pat Pathipati, executive vice president and CFO, will deliver a conference call at 10 a.m. ET to review the financial results.

All interested parties are invited to participate. Users may call in at 647-484-0475 or 1-888-220-8451 to listen live, or listen to the call reply by dialling 647-436-0148 or 1-888-203-1112.

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