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Why Driven Brands Stock Got Destroyed Today

TheMotleyFool

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Shares of Driven Brands (NASDAQ: DRVN), owner of such famous automotive businesses as Meineke Car Care Centers, Maaco, and Take 5 Car Wash, tumbled after reporting a big earnings miss Wednesday morning, falling 37.3% through 1:15 p.m. ET.

Analysts had forecast Driven Brands would earn $0.31 per share on sales of $587.7 million in the second quarter of 2023. As it turned out, while Driven Brands beat this revenue target easily, reporting sales of $606.8 million, the company's profits didn't quite measure up, and came in at just $0.22 per share.

But was the news really as bad as it sounds?

Source Fool.com

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