The Boyd Group Income fund (The Boyd Group) saw growth during its third quarter, according to the company’s financial report and conference call that took place Wednesday. Sales increased by 17.3 percent, or $459.6 million, when compared to the same time period in 2017. According to the company’s financial report, same-store sales went up by 4.9 percent. The Boyd Group not only has collision repair centers across the United States and Canada, it also is a retail auto glass operator. Overall its representatives are pleased with its third quarter results.
“We continue to make progress executing on our strategy, with strong growth in new locations, as well as very respectable same-store sales growth in the quarter. Continuing strong demand along with solid operational execution in August and September allowed us to outpace our earlier guidance for lower same-store sales growth compared to Q2,” Brock Bulbuck, the Boyd Group CEO, said.
The company also added nine locations within Q3, which the company thinks will have a continued positive impact beyond this quarter.
“We continue to add locations in new markets and expand in markets where we have a presence today. Our people initiatives as well as the ongoing investments we are making in technology, equipment and training position us [the company] well for continued operational execution. In terms of future growth, our strong balance sheet, along with over $400 million in dry powder will allow us to continue to add new locations, grow market share and deliver shareholder value,” Bulbuck said.
Its adjusted net earnings skyrocketed by 63.6 percent having a total of $20.4 million when compared to its 2017 result of $12.5 million. The gross margin leapt ahead to 45.4, showing positive growth by 0.7 percent, compared to its results during the same time period last year.
The Boyd Group Income Fund continued its growth immediately after the quarter ended by adding 15 locations, including entering the state of Missouri. The company also completed investments and training for company-wide diagnostic repair scanning technology, according to the financial report.
“Looking to the rest of 2018 and beyond, we continue to be confident that we will maintain our progress toward our long-term growth targets and operational plans,” Bulbuck said.