TUCSON – Mister Car Wash, Inc.

Mister Car Wash, Inc. (NYSE:MCW), the nation's largest car wash brand, reported strong third-quarter earnings that exceeded analyst expectations, resulting in a 9% stock increase in after-hours trading.

Earnings Highlights

• Adjusted Earnings per Share: $0.09 (Analyst Estimate: $0.07)
• Quarterly Revenue: $249.3 million (Consensus Estimate: $249.2 million)
  • Up 7% Year-over-Year
• Comparable Store Sales Growth: 2.9%

Full-Year Guidance

Mister Car Wash has raised its full-year 2024 guidance:
– Adjusted Earnings per Share: Expected at $0.35-$0.36 (previously $0.34)
– Revenue Forecast: $988-995 million (Consensus Estimate: $989.5 million)

Membership Growth

The company's Unlimited Wash Club (UWC) memberships grew by 2% Year-over-Year, reaching approximately 2.1 million members as of September 30, 2024. UWC sales comprised 74% of total wash sales, an increase from 71% the previous year.

CEO Statement

"We are pleased with our strong third quarter performance and momentum in the business," stated John Lai, Chairperson and CEO of Mister Car Wash. He highlighted the resilience of the subscription business, the success of the new Titanium offering, positive retail sales trends, and effective expense management.

Expansion and Growth

During the quarter, Mister Car Wash opened 10 new greenfield locations, increasing its total to 501 locations, up 8% from 462 a year prior.

Adjusted EBITDA

Adjusted EBITDA for the quarter rose 10% to $78.8 million, compared to $71.6 million in the third quarter of 2023.

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