Mister Car Wash, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable growth in revenues but a decline in net income compared to the previous fiscal period. The company achieved net revenues of $249.3 million for the third quarter of 2024, a 7% increase from $234.1 million in the same quarter of 2023. For the nine months ended September 30, 2024, net revenues totaled $743.6 million, up from $696.9 million in the prior year, also reflecting a 7% increase.
Despite the revenue growth, net income for the third quarter rose to $22.3 million from $19.5 million year-over-year. However, for the nine-month period, net income decreased to $61.1 million from $67.8 million in 2023. The decline in net income for the nine months was attributed to increased costs associated with labor, chemicals, and other operating expenses, which were influenced by inflation and the addition of 39 new locations.
Operating income for the third quarter of 2024 was $49.6 million, compared to $43.1 million in the same period of 2023. The increase in operating income was supported by a rise in the number of Unlimited Wash Club (UWC) members, which grew by approximately 2% year-over-year, contributing to 74% of total wash sales in Q3 2024.
Total costs and expenses for the third quarter increased to $199.7 million from $191.0 million in the prior year, while for the nine months, costs rose to $596.4 million from $555.7 million. The increase in expenses was primarily due to higher labor costs and inflationary pressures, alongside the operational costs associated with the new locations.
Mister Car Wash also reported total assets of $3.05 billion as of September 30, 2024, up from $2.88 billion at the end of 2023. Total liabilities increased to $2.07 billion from $1.97 billion, while total stockholders’ equity rose to $979.4 million from $915.0 million.
In terms of strategic developments, the company opened 10 new locations in Q3 2024 and a total of 25 locations in the nine months ended September 30, 2024. Additionally, Mister Car Wash completed several sale-leaseback transactions, generating net gains and enhancing its liquidity position. The company also refinanced its debt in March 2024, which included a new term loan and an increase in its revolving credit facility.
Overall, while Mister Car Wash experienced revenue growth and improved operating income, it faced challenges with rising costs that impacted net income for the nine-month period.
About Mister Car Wash, Inc.
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