The Boyd Group Income Fund has had growth in its 2018 second quarter, according to reports for its three and six month periods which were made public today. The Boyd Group Income Fund, owned by Boyd, is currently in its third quarter and is striving to keep up the momentum from the achieved success in quarter two.
The company’s overall sales had an increase of 18.9 percent, or $72 million, compared to its results in 2017 at this time. The addition of a dozen new locations that include three intake centers aided in the company’s overall sales growth in 2018. The adjusted EBITDA saw great improvement by increasing 19.8 percent, $42.5 million, compared to its 2017 result of $35.5 million. EBITDA is the net income before interest, taxes, depreciation and amortization. This accounting measure typically is used to analyze and compare company profits. “We continue to make progress executing on our strategy, with meaningful growth in locations and same-store sales in the quarter, driving double digit increases in revenue and Adjusted EBITDA that are on pace with our stated long-term goal to double our business,” CEO Brock Bulbuck, said.
According to the Boyd Group’s latest financial report, there was also a major increase in its adjusted net earnings. This increased by 40.8 percent, or $21.1 million compared to its result of $15 million last year.
The second quarter wrapped up at the end of June. Now, in its third quarter the company is facing challenges involving technician capacity limitations, which will have an impact on its overall sales performance, according to the company’s financial report.
“With tight labor markets, combined with a prolonged period of a strong collision market, we continue to experience a shortage of technicians…While the demand for our services continues to be strong and our backlog and unprocessed repair work has grown, our third quarter same-store sales growth is likely to be lower than we achieved in the second quarter,” said an excerpt from the second quarter report. In light of the technician shortage the company has started to focus on recruitment and retention programs in its third quarter. The goal of these programs is to directly combat shortages like this in the future.
“Looking to the rest of 2018 and beyond, while we continue to navigate the challenges of technician capacity constraints, we are confident that we will maintain our progress toward our long-term growth targets and operational plans,” Bulbuck, said.