Benzinga | Nov 12, 2021 06:18AM EST

Mister Car Wash Q3 Earnings Top Estimates, Lifts FY21 Revenue Outlook

* Mister Car Wash Inc (NYSE:MCW) reported third-quarter FY21 sales growth of 24.7% year-on-year, to $194.31 million, beating the analyst consensus of $188.16 million.

* Comparable store sales increased 21.3% versus last year and compounded two-year comparable stores sales rose 14.5% versus 3Q19.

* The company had 1.564 million Unlimited Wash Club (UWC) members as of September 30, 2021, a 31.5% rise Y/Y.

* Total costs and expenses rose 37.5% Y/Y to $154.8 million.

* The operating margin was 20.3%, and operating income for the quarter fell 8.6% to $39.5 million.

* The company held $162.2 million in cash and equivalents as of September 30, 2021. Net cash provided by operating activities for the nine months totaled $153.3 million.

* Adjusted EBITDA increased 43.9% Y/Y to $62.5 million.

* Adjusted EPS of $0.11 beat the analyst consensus of $0.10.

* Outlook: Mister Car Wash raised FY21 sales guidance to $751 million - $756 million (prior view ~$747 million), versus the consensus of $746.4 million.

* The company raised the lower end of FY21 adjusted EPS outlook to $0.40 - $0.44 (prior view $0.39 - $0.44) versus the consensus of $0.41.

* Price Action: MCW shares closed lower by 1.87% at $18.35 on Thursday.