Shares of Mister Car Wash, Inc. (NYSE: MCW) surged 14.96% on Wednesday, October 31, 2024, driven by the company's impressive third-quarter financial results and upbeat outlook for the full year.

The car wash operator reported a 7% year-over-year increase in revenue to $249 million, slightly exceeding analysts' expectations. The strong revenue growth was fueled by a 2.9% rise in comparable store sales and the success of the company's Titanium membership offering, which contributed to a 9% increase in Express revenue per member.

Mister Car Wash's adjusted earnings per share (EPS) of $0.09 also beat the consensus estimate of $0.07, as the company's adjusted EBITDA rose 10% to $79 million, with a 100-basis-point improvement in adjusted EBITDA margin to 31.6%. The company's expansion efforts also paid off, with 10 new stores opened during the quarter, reaching a milestone of over 500 locations nationwide.