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Sep 30, 2024
Mister Car Wash Q3 2024 Earnings Report
Mister Car Wash reported strong third quarter performance driven by resilient subscription business, successful premium Titanium offering, positive retail sales trends, and effective expense management.
Key Takeaways
Mister Car Wash announced a 7% increase in net revenues to $249.3 million and a 2.9% increase in comparable-store sales. The company also opened 10 new greenfield locations, surpassing 500 total locations. Net income was reported at $22.3 million, or $0.07 per diluted share, and adjusted net income was $28.8 million, or $0.09 per diluted share.
Net revenues increased 7% to $249.3 million compared to Q3 2023.
Comparable-store sales increased 2.9% during the quarter.
UWC sales represented 74% of total wash sales, up from 71% in Q3 2023.
The company added approximately 39 thousand net new UWC members year-over-year, reaching approximately 2.1 million members.
Mister Car Wash
Mister Car Wash
Forward Guidance
The Company revises the guidance previously provided for the full fiscal year ending December 31, 2024:
Positive Outlook
- Net revenues $988 to $995 million
- Comparable-store sales growth % 2.0% to 2.5%
- Adjusted net income $114 to $117 million
- Adjusted EBITDA $313 to $318 million
- Adjusted earnings per diluted share $0.35 to $0.36
Challenges Ahead
- Interest expense, net Approx. $81 million
- Rent expense, net Approx. $110 million
- Weighted average common shares outstanding, diluted, full year Approx. 330 million
- New greenfield locations Approx. 40
- Capital expenditures $330 to $350 million