Stock Track | Driven Brands Plunges 10.25% in Pre-Market After Q1 Revenue Misses Estimates
Stock Track
May 19
Driven Brands Holdings Inc. (DRVN) experienced a significant pre-market plunge of 10.25% on Tuesday, following the release of its quarterly financial results.
The automotive services company reported first-quarter revenue of $460.1 million, which fell short of the IBES estimate of $487.9 million. This revenue miss appears to be the primary catalyst for the sharp decline in the stock price during pre-market trading.
While the company reported fourth-quarter adjusted earnings per share from continuing operations of $0.34, the weaker-than-expected top-line performance for the first quarter has prompted negative investor reaction ahead of the regular trading session.
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