April 23rd, 2024

Boyd Group Services reports Q4 profit and sales up from year earlier

By The Canadian Press on March 20, 2024.

WINNIPEG – Boyd Group Services Inc. reported a fourth-quarter profit of US$19.1 million, up from US$14.2 million a year earlier, as its sales rose 16 per cent.

The autobody repair company, which keeps its books in U.S. dollars, says the profit amounted to 89 cents US per diluted share for the last three months of 2023, up from 66 cents US per diluted share for the final quarter of 2022.

Sales in the quarter totalled US$740.0 million, up from US$637.1 million a year earlier. Same-store sales for the quarter were up 8.7 per cent.

On an adjusted basis, Boyd Group says it earned 93 cents US per share in its fourth quarter, up from an adjusted profit of 68 cents US per share.

In its outlook, the company says mild winter weather is impacting demand for glass and collision repair services.

It also says the business has been challenged by a number of factors including labour margins and costs related to the start up of new locations.

This report by The Canadian Press was first published March 20, 2024.

Companies in this story: (TSX:BYD)

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