Stock Track | Mister Car Wash Announces Robust Third Quarter 2024 Results, Raises Full-Year Outlook

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Mister Car Wash, Inc. (NYSE: MCW), the nation's largest car wash brand, reported strong financial results for the third quarter of 2024, with continued momentum in its subscription business and overall operations. The company also raised its full-year guidance, reflecting its positive performance and optimistic outlook.

Highlights from the third quarter include:

  • Net revenues increased 7% year-over-year to $249.3 million, driven by a 2.9% increase in comparable-store sales and the addition of 39 new locations.
  • Unlimited Wash Club (UWC) memberships grew 2% year-over-year to approximately 2.1 million members, representing 74% of total wash sales.
  • Adjusted EBITDA rose 10% to $78.8 million, reflecting strong operational execution and cost management.
  • The company opened 10 new greenfield locations during the quarter, surpassing 500 total car wash locations nationwide.

For the full year 2024, Mister Car Wash raised its guidance, expecting net revenues of $988 million to $995 million, comparable-store sales growth of 2.0% to 2.5%, adjusted EBITDA of $313 million to $318 million, and adjusted net income of $114 million to $117 million.

John Lai, Chairperson and CEO of Mister Car Wash, commented, "Our strong third quarter performance and momentum in the business reflect the resilience of our subscription model, the successful launch of our premium Titanium offering, and our dedication to operational excellence. We remain committed to expanding our footprint and providing top-notch car wash services to customers as we scale the nation's premier car wash brand."

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