TUCSON - Mister Car Wash , Inc. (NYSE:MCW), the nation's largest car wash brand, reported third quarter earnings that surpassed analyst expectations and raised its full-year guidance, sending its stock up 9% in after-hours trading.
The company reported adjusted earnings per share of $0.09, beating the analyst estimate of $0.07. Revenue for the quarter came in at $249.3 million, slightly above the consensus estimate of $249.2 million and up 7% YoY. Comparable-store sales increased 2.9% during the quarter.
Mister Car Wash raised its full-year 2024 guidance, now expecting adjusted earnings per share of $0.35-$0.36, up from the previous analyst consensus of $0.34. The company also forecasts full-year revenue of $988-995 million, compared to the consensus estimate of $989.5 million.
The company's Unlimited Wash Club (UWC) memberships grew 2% YoY to approximately 2.1 million members as of September 30, 2024. UWC sales represented 74% of total wash sales, up from 71% in the same quarter last year.
"We are pleased with our strong third quarter performance and momentum in the business," said John Lai, Chairperson and CEO of Mister Car Wash. "Our subscription business remained incredibly resilient, our new premium Titanium offering ramped ahead of expectations, retail sales trends moved in the right direction, and we managed expenses."
During the quarter, Mister Car Wash opened 10 new greenfield locations, surpassing 500 total locations. As of September 30, 2024, the company operated 501 car wash locations, an 8% increase from 462 locations a year ago.
Adjusted EBITDA for the quarter increased 10% to $78.8 million from $71.6 million in the third quarter of 2023.
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