The Boyd Group Income fund (The Boyd Group) reported successful three and nine-month periods, which ended September 30, 2019, according to the company’s latest financial report and conference call. Sales increased by 23.4% to $567 million, when compared to the same time period in 2018. According to the company’s financial report, same-store sales went up by 3.3%. The Boyd Group is a retail auto glass operator with 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.
“As previously noted during our second quarter reporting, while demand for our services continued to be healthy in most of our markets, Q3 presented a number of challenges including continued technician capacity constraints combined with strong comps, the challenges of vacation and softness in some markets. Additionally, as the quarter unfolded we also had some additional modest negative impacts from Hurricane Dorian and the General Motors strike. All of these factors combined to result in lower same-store sales growth compared to what was achieved in the first half of the year,” said Brock Bulbuck, the Boyd Group CEO.
The company’s 34 location additions, which includes three intake centers, aided in helping the Boyd Group overcome some of its obstacles within the quarter, according to the company.
“Despite the challenges, we were able to report positive same-store sales growth that contributed to double-digit increases in sales. This was primarily due to the continued execution of our growth strategy,” said Bulbuck.
Its adjusted quarter three net earnings increased by 7.2% to $21.9 million compared to its 2018 third quarter financial results. The Boyd Group was also named to the inaugural TSX30, a flagship program recognizing the 30 top-performing TSX stocks over a three-year period based on dividend-adjusted share price appreciation, according to the report.
“Looking beyond 2019, we continue to be confident that we will work through our technician capacity challenges and maintain our progress toward our long-term growth targets and operational plans,” said Bulbuck.