10:57 AM EDT, 08/01/2024 (MT Newswires) -- Driven Brands ( DRVN ) shares rose by nearly 10% in recent Thursday trading after the company's adjusted EPS came in ahead of analysts' estimates.

The company reported Q2 adjusted earnings Thursday of $0.35 per diluted share, up from $0.27 a year earlier. Analysts polled by Capital IQ expected $0.28.

Revenue for the quarter ended June 29 was $611.6 million, up from $606.9 million a year earlier. Analysts surveyed by Capital IQ expected $629 million.

The company said it now expects fiscal 2024 adjusted EPS at the high-end of its $0.88 to $1 original outlook. Three analysts polled by Capital IQ expect normalized EPS of $0.97.

The company expects fiscal 2024 revenue at the low-end of its original outlook of $2.35 billion to $2.45 billion. Analysts surveyed by Capital IQ expect $2.4 billion.

Driven Brands ( DRVN ) also said Thursday it named Michael Diamond as chief financial officer, effective Aug. 9.

Diamond was most recently CFO of The Michaels Companies, Driven Brands ( DRVN ) said.

Price: 14.82, Change: +1.38, Percent Change: +10.27