By Dean Seal
Shares of Mister Car Wash are trading lower after the company cut its annual revenue guidance and logged lower second-quarter sales than analysts expected.
The stock is down 14% at $7.59 in early trading on Friday. Shares have fallen by more than a third in the past 12 months.
The carwash operator said after the bell on Thursday that it now expects $913 million to $936 million in sales this year, down from previous guidance of $925 million to $960 million, and below analyst projections for $937.9 million, according to FactSet.
In the second quarter, revenue grew 5.2% to $236.9 million, missing analyst forecasts by nearly $5 million.
On Wednesday, Driven Brands reported slowing traffic within its carwash business amid an explosion of competition in the space. Its shares dropped by nearly 50% that day to an all-time low of $13.15.
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