Mister Car Wash Q3 2024 Earnings Report
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