- Shares of Mister Car Wash ( NYSE: MCW ) rose as much as 20.3% on Friday after the company beat results estimates for third quarter and raised its fiscal 2022 projections.
- The company on Thursday after the bell posted Q3 revenue of $217.6M, implying a growth of 12% from last year, and ahead of expectations by $2.07M. Q3 Non-GAAP EPS of $0.09 topped consensus marginally by 1 cent.
- “Similar to the trends in the previous quarter, demand remained steady, and retention of Unlimited Wash Club members remained consistent. We continue to balance long-term growth investments while being mindful of the realities of the current macroeconomic environment,” said chairperson and CEO John Lai.
- The car wash chain operator now expects its 2022 revenue to be $865M - $880M, adjusted EBITDA of $273M - $278M, and comparable sales growth of 4% - 5% for the year.
- MCW, however, slashed its capex to $200M - $240M, from previous forecast of $235M - $285M, and expects sale leasebacks of $90M to $95M vs old guidance of $140M to $150M for the year.
- Stock has lost nearly half its value this year.
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Mister Car Wash shines after posting beat-and-raise quarter