Mister Car Wash, Inc. (NYSE: MCW) saw its stock price surge by 11.88% on Wednesday, October 31, 2024, following the company's impressive third-quarter earnings report and raised full-year guidance.
The car wash operator reported a 6.5% year-over-year increase in revenue to $249.33 million, slightly exceeding analysts' expectations. Adjusted earnings per share (EPS) of $0.09 beat the consensus estimate of $0.07, driven by a 2.9% increase in comparable store sales and a 10% rise in adjusted EBITDA to $79 million.
A key driver behind Mister Car Wash's strong performance was the success of its Titanium membership offering, which contributed to a 9% increase in Express revenue per member. The company also continued its expansion efforts, opening 10 new stores during the quarter and reaching a milestone of over 500 locations nationwide.
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