Focused on Growth: Driven Brands Announces 2024 Q1 Financial Results

Driven Brands announced a revenue of $572 million in its May 2 financial report for the first quarter of 2024. The Charlotte, North Carolina-based automotive services brand also presented its Q1 financial information to investors on a live-streamed call.

Driven Brands operates Auto Glass Now (AGN), which it acquired in 2022. AGN completed its integration into Driven Brands in 2023.

In the call, Driven Brands reported Q1 of 2024 represented its 13th consecutive quarter of same-store sales growth. The company’s 2024 Q1 revenue is 2% more than the first quarter of 2023, and its net income is $4.3 million.

Driven Brands’ CEO, Jonathan Fitzpatrick, said that poor weather at the beginning of the year and “consumer uncertainty” due to the economy affected the company’s performance. Still, the company achieved growth in Q1.

The Paint, Collision and Glass (PC & G) segment, which includes AGN, generated over $882 million in system-wide sales and over $106 million in revenue in Q1. The segment achieved a same-store sales growth of 1.3%.

Fitzpatrick said AGN was still a long-term investment rather than a direct contribution to Driven Brands’ growth in Q1.

“We remain excited about longer-term prospects, but we also know it will take time to grow,” he said.

COO Daniel Rivera said Driven Brands is focused on growth at all levels for AGN, reiterating that it’s a long-term investment.

“Auto Glass Now continues to be a strategic growth area for us,” he said.

Rivera said AGN is growing regional insurance carriers and is in the “later stages of negotiations” with carriers in several regions.

During the call, Driven Brands announced that CFO Gary Ferrera is stepping down to pursue an opportunity at a privately held company closer to his family in Colorado.

“I’m going to an opportunity with someone I’ve known for three decades and to be with my family,” Ferrera said.

Joel Arnao, senior vice president of FP&A, treasury and investor relations, will be the interim CFO, and Michael Beland, senior vice president and chief accounting officer, will be the principal financial officer.

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