Boyd Group Services Inc ( (BYDGF) ) has released its Q3 earnings. Here is a breakdown of the information Boyd Group Services Inc presented to its investors.
Boyd Group Services Inc., a leading operator of non-franchised collision repair centers in North America, has reported its financial results for the third quarter of 2024. The company runs operations across Canada and the US under various trade names, providing collision repair and auto glass services.
In its recent earnings report, Boyd Group Services Inc. disclosed a modest increase in sales by 2.0% to $752.3 million, despite challenging market conditions and the impacts of hurricane activity. Gross profit also saw a slight rise of 2.9%, reaching $343.6 million. However, the company faced a decline in adjusted EBITDA by 14.7%, down to $80.1 million, and a significant drop in adjusted net earnings to $3.2 million from $21.5 million in the same period last year.
Key financial metrics revealed a year-over-year decrease in net earnings to $2.9 million, while debt levels slightly increased. Despite these challenges, Boyd Group expanded its footprint by adding 10 new collision repair locations during the quarter. The company also announced a dividend increase, reflecting its commitment to shareholder value.
Looking ahead, Boyd Group’s management remains cautiously optimistic. The company is focusing on initiatives to improve gross margins and reduce operating expenses amidst ongoing economic uncertainties. While market conditions have impacted the pace of growth, Boyd continues to pursue acquisition opportunities and remains committed to its long-term growth objectives.
