Boyd Group Services Inc. (The Boyd Group) released its 2019 fourth quarter and full year financial report today and says sales increased by 22.5% to $2.3 billion (from $1.9 billion), when compared to the same time period in 2018. Same-store sales went up by 3.3%, according to the report.
The Boyd Group is not only 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 2019, we continued to grow on pace to achieve our objective of doubling the size of business and revenues (on a constant currency basis) during the five-year period ending in 2020,” said Tim O’Day, the Boyd Group president and CEO.
The financial report noted several additions since the end of its fourth quarter, which included:
- Appointing O’Day in accordance with the previously announced succession plan, with Brock Bulbuck moving into the role of an executive chair;
- Increasing and extending its existing revolving credit facility; and
- Added 18 locations.
The company also successfully recovered from its ransomware cyber-attack with, with what Boyd states had a minimal financial impact and no customer or employee data breaches. The Boyd Group also highlighted the 108 new locations added throughout 2019 in its financial report, which included entry into California, New York and South Carolina, as well as representing growth of 19%.
“In addition to achieving our growth goals and entering into a number of new states and markets, we were honored to be named to the inaugural TSX30 as one of the top-performing TSX stocks over a three-year period,” O’Day said.