Boyd Group Sees 40-Percent Upswing in 3Q U.S. Sales

Boyd Group Income Fund, parent company to U.S.-based Gerber Collision & Glass, Glass America, Hansen Collision and Glass and others, reported that third-quarter sales in the U.S. came in at $129.6 million, up $37.8 million or 41.1 percent, from the same period of 2012. The increase is largely due to acquisitions, including Glass America and Hansen Collision and Glass, according to company officials.

Same-store sales grew by $2.8 million or 3.3 percent in the U.S.

Looking at Canada alone, sales came in at $20.1 million in U.S. dollars, up $2.8 million or 16.2 percent over the third quarter of last year. This increase in largely due to an addition of $1.8 million in same-store sales, or 10.1-percent increase. An additional $1 million in sales also came from a new Canadian location, officials said.

On a company-wide basis, sales increased by 37.2 percent to $149.6 million, compared to $109.1 million for the same period of 2012.

“The $40.5-million increase was due largely to sales generated from 17 new single locations and multi-location acquisitions, which combined contributed $22.5 million,” officials wrote in a company statement. “Same-store sales, excluding foreign exchange and glass sales of the combined Gerber Glass and Glass America business, increased by 4.4 percent and added $4.5 million of incremental sales. The new combined glass business contributed $10.2 million of incremental sales.”

“During the quarter, we continued to deliver solid performance while executing on initiatives that position us well for continued growth,” said Brock Bulbuck, president and CEO. “The multi-location acquisition of Hansen Collision and Glass, the completion of our bought deal equity financing in conjunction with the signing of an interim paint restructuring arrangement and the continued additions of single locations all demonstrate our capabilities to execute on accretive opportunities to achieve our growth objectives.”

For the nine-month period, U.S. sales came in at $358.1 million, up $92.7 million or 34.9 percent, over the same time frame in 2012. The new combined glass business contributed $18.9 million in incremental sales, according to officials. 

In Canada, sales were $59.1 million in U.S. dollars, up $5.1 million or 9.4 percent, over the same period in 2012. The increase was driven mostly by same-store sales, which were up $3.7 million or 6.9 percent, plus $1.4 million of sales from a new location.

Overall company sales grew by 30.6 percent to $417.1 million, compared with sales of $319.4 million for the same period last year.

“The $97.7 million increase was due largely to sales generated from 25 new single locations and multi-location acquisitions, which combined contributed $67.7 million,” officials wrote. “The glass business, which generates its strongest sales during the spring and summer months, contributed incremental sales of $15.9 million. Same-store sales increased by 3.9 percent, adding another $11.3 million of incremental sales.”

Looking ahead, Bulbuck said, “We have announced 16 new single locations in 2013 and have a number of others in progress and therefore maintain our target to grow single locations by 6 percent to 10 percent annually for the foreseeable future.”

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