Boyd Group Income Fund reported its financial results for the three-month period ended March 31, 2018, and posted a sales increased of 19.6% to $453.3 million from $378.9 million in 2017, including same-store sales increases of 4%. Adjusted EBITDA increased 28.5% to $42.1 million, compared with $32.8 million in 2017. The company’s results also show the results of the nation’s tax changes as the company reported that its U.S. corporate tax expense was reduced by approximately $2.7 million as U.S. tax rates decreased from approximately 39% to 26%.
“The strong results in the first quarter of 2018 reflect our continued execution of both our growth and operational excellence strategies,” said Brock Bulbuck, CEO of the Boyd Group. “We continue to be on track and have a high level of confidence in achieving our long-term goal of doubling our business by 2020 compared to 2015, on a constant currency basis.”
He did acknowledge however some of the industry’s challenges affecting his company as well.
“Despite the continuing headwinds of the industry-wide shortage of technicians, we returned to respectable levels of same-store sales growth in Q1”, said Bulbuck. “We attribute this to a combination of being up against weak 2017 same-store sales comparatives as a result of a mild and dry winter, modest growth in our technician capacity and an increased component of parts sales in our sales mix. We continue to work to address the shortage with a number of initiatives, including our recently announced benefit enhancements for our U.S. employees, and while we believe that these initiatives will prove successful in the long-term, we will continue to be challenged by technician capacity in the near term, including in Q2, where we are up against much stronger 2017 same-store sales comparatives.