The Boyd Group Income fund (The Boyd Group) achieved record revenue growth during its fourth quarter and full year in 2018, according to the company’s financial report and conference call. Sales increased by 18.8% to $1.9 billion, when compared to the same time period in 2017. According to the company’s financial report, same-store sales went up by 4.8%. The Boyd Group not only is a retail auto glass operator, it also has collision repair centers across the United States and Canada. It operates Boyd Autobody & Glass, Gerber Collision & Glass, Gerber National Claim Services, Glass America, and Assured Automotive.
“In addition to achieving our growth goals, we were able to make meaningful progress in many strategic areas of the business, including diagnostic repair scanning, technician recruitment and retention, as well as entering a number of new states and markets,” said Brock Bulbuck, The Boyd Group CEO.
The company also added 34 locations, including entering into New York and South Carolina, and growing to over 600 locations in North America within Q4, which the company thinks will have a continued positive impact leading into its next quarter.
“We continue to add locations in new markets and expand in markets where we have a presence today. Our people initiatives are starting to have some impact and the ongoing investments we are making in technology, equipment and training position us well for continued operational execution. However, we continue to be constrained by a shortage of technicians. In terms of future growth, our strong balance sheet, along with over $300 million in dry powder will allow us to continue to add new locations, grow market share and deliver shareholder value,” said Bulbuck.
Its adjusted net earnings increased by 45.5% having a total of $85.6 million when compared to its 2017 result of $58.8 million. Its Q4 gross margin rose to 44.3%, showing positive growth of 2.4%, compared to its results during the same time period last year.
The Boyd Group Income Fund continued its growth through the end of 2018 by completing the call option transaction to acquire the 30% of non-controlling interest in Glass America LLC, according to the financial report.
“Looking to 2019 and beyond, we continue to be confident that we will maintain our progress toward our long-term growth targets and operational plans,” said Bulbuck.