Driven Brands plunges to record low on FY forecast cut

Driven Brands Holdings

02/08/2023 16:11

** Shares of automotive services co Driven Brands Holdings
Inc  DRVN.O  fall 47%, hitting their lowest levels at $13.6
    ** Co cuts FY23 revenue forecast to $2.30 bln from $2.35 bln
previously expected 
    ** Also reduces FY23 adj. profit forecast to $0.92 per share
 vs prior expectations of $1.21/shr
    ** Posts Q2 adj. EPS of 29 cents​​ vs analysts' ests of 31
cents, as per Refinitiv 
    ** Car wash segment hurt by softer consumer demand, while
U.S. glass business was impacted by integration delays - DRVN
    ** YTD, stock down 46.2% 

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))