Toronto, Ontario ⁠— In this week’s Tuesday Ticker, Driven Brands reports its second quarter 2022 results while simultaneously marking its sixth automotive glass acquisition. Additionally, Boyd Group Services is solidifying its plans for its second quarter earnings call.

Driven scores more glass wins

Driven Brands reported revenue of $508.6 million on its second-quarter earnings call, marking a 36% increase from a year earlier.

The company also reported a net loss of $57 million.

System-wide sales were $1.4 billion, a 22% increase over the prior year. Net store growth was 7% and the company noted a 13.2% increase in consolidated same-store sales.

The company also said its paint, body and glass segment saw positive same-store sales of 16%. Revenue from the paint, collision and glass segments totaled $95.4 million in Q2 2022.

“We added more than 194 direct repair programs with insurance carriers in the second quarter,” Jonathan Fitzpatrick, CEO of Driven Brands, noted during the conference call. “The recovery of the bodywork activity continues. In fact, the number of estimates for the industry continues to grow and our stores have consistently topped the industry. »

Driven Brands also added another auto glass company to its network, announcing the acquisition of Tennessee-based Jack Morris Auto Glass, adding 10 locations to its US network.

This is Driven Brands’ sixth automotive glass acquisition; the company announced that it purchased K&K Auto Glass in Florida in early July and Perfection Auto Glass in Indiana in mid-June.

Boyd booked for second-quarter earnings call

Boyd Group Services announces that it will release its second quarter 2022 fiscal results on August 10, 2022, before markets open.

Following the release of the results, Boyd President and CEO Tim O’Day, along with Pat Pathipati, Executive Vice President and Chief Financial Officer, will hold a conference call at 10 a.m. ET to review the financial results.

All interested parties are invited to participate. Users can call 647-484-0475 or 1-888-220-8451 to listen live, or listen to the answer to the call by dialing 647-436-0148 or 1-888-203-1112.