Boyd Group Services Inc. (The Boyd Group) released its 2020 fourth quarter and full year financial report recently and noted COVID-19 impacted its financial results. According to the report, sales decreased by 8.5% to $2.1 billion from $2.3 billion when compared to the same period last year. Same-store sales decreased by 15.6%, with Canada having a greater negative impact due to the slower economic reopening and more significant restrictions in place when compared to the U.S., 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.
“The steps our team has taken since the onset of the pandemic have consistently positioned us well during these unprecedented times, and our 2020 results reflect the impact of these efforts,” said Tim O’Day, Boyd Group CEO and president. “Through prudent management of expenses, a focus on liquidity, and our ability to adjust capacity relative to changes in demand, we have posted respectable results, in spite of the decline in revenues caused by COVID-19.”
The financial report also highlighted some of the company’s additions that were made after the quarter ended, which included:
• Adding 16 locations, including seven intake centers;
• Declaring the first quarter dividend in the amount of $0.141 per share; and
• Announcing the planned retirement of Independent Board Chair, Allan Davis.
“Throughout the year, we continued to adjust our business in accordance with changes in demand for our services, first decreasing and then subsequently adding back production capacity as demand for collision repair services rose,” O’Day said. “As we continue to navigate through this pandemic environment, our priorities remain taking care of the health and safety of both our team members and our customers and preparing for the future that lies ahead.”
In conjunction with Davis’ planned retirement, the Board nominated David Brown as the incoming Independent Chair, subject to his re-election at the upcoming Annual General and Special Meeting. The company’s report also noted that Robert Espey, CEO of Parkland Corporation has been nominated and will stand for election to the Board.
According to the financial report, thus far in the first quarter of 2021, same-store sales activity is at a similar level to that achieved in the fourth quarter of 2020.
“Despite the COVID-19 pandemic, our results demonstrate that Boyd is well positioned to continue to navigate through this challenging environment,” said O’Day. “During 2021, we will focus on our growth strategy, to double the size of the business on a constant currency basis from 2021 to 2025, based on 2019 revenues, implying a compound annual growth rate of 15%.”