Market Updates
Mister Car Wash Swung to Quarterly Loss, Adds 59,000 Members
Scott Peters
12 Aug, 2022
New York City
Mister Car Wash Inc dropped 10.1% to $10.79 after the company said second quarter revenues growth slowed but revenue share from members rose.
Second quarter revenues increased 14.2% to $225.2 million from $197.1 million a year ago.
Comparable store sales plunged to 2.4% in the second quarter compared to 93.0% a year ago.
The company swung to net income of $35.7 million or 11 cents a diluted share from a loss of $110.3 million or 42 cents a diluted share.
The company added net new 59,000 members for its Unlimited Car Wash Club and increased the membership total 20% from a year ago to 1.841 million.
The company opened four new greenfield locations and opened six acquired locations in the quarter, bringing the total number of car wash locations to 409 compared to 351 a year ago, an increase of 16.5%.
For the full-year 2022, the company lowered same store growth outlook to 3.0% to 5.0% from the previous estimate of 5.0% to 7.0%.
The company also lowered its 2022 revenues estimate between $860 million and $880 million from the previous estimate between $875 million and $895 million.
In the first quarter, revenues increased 25.1% to $219.4 million and comparable store sales rose 11.0% from a year ago.
Unlimited Wash Club member revenue percentage of total revenues increased to 66.2% in the second quarter from 64.3% in the first quarter.
The company retained its target of opening 30 new greenfield locations in 2022.
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