Boyd Group Services Inc. on Nov. 9 announced the results for the three- and nine-month periods ended Sept. 30.
The Boyd Group’s third quarter 2022 financial statements and MD&A have been filed on SEDAR. This news release is not in any way a substitute for reading Boyd’s financial statements, including notes to the financial statements, and Boyd’s Management’s Discussion & Analysis.
Results and Highlights for the Third Quarter
- Sales increased by 27.6% to $625.7 million from $490.2 million in the same period of 2021, including same-store sales increases of 21.9%. The third quarter of 2022 recognized the same number of selling and production days when compared to the same period of 2021. Sales were modestly impacted by Hurricane Ian, with an estimated negative impact of $2.1 million during the third quarter
- Gross Profit increased by 30.9% to $282.3 million or 45.1% of sales from $215.7 million or 44.0% of sales in the same period in 2021
- Adjusted EBITDA increased 41.8% to $73.0 million, or 11.7% of sales, compared with Adjusted EBITDA of $51.5 million, or 10.5% of sales in the same period of 2021, which included $0.5 million of the Canada Emergency Wage Subsidy
- Adjusted net earnings increased to $12.1 million, compared with $2.4 million in the same period of 2021 and adjusted net earnings per share increased to $0.56, compared with $0.11 in the same period of 2021
- Net earnings increased to $11.9 million, compared with $0.4 million in the same period of 2021 and net earnings per share increased to $0.55, compared with $0.02 in the same period of 2021
- Debt, net of cash before lease liabilities decreased from $414.4 million at Dec. 31, 2021, to $314.6 million at Sept. 30, 2022
- Declared third quarter dividend in the amount of C$0.144 per share
- Rolled out the expanded Wow Operating Way practices to corporate business processes
- Added eight locations, including six through acquisition, one start-up location and one intake center
Subsequent to Quarter End
- Added five locations
- All Gerber Collision & Glass locations temporarily closed due to Hurricane Ian, in Florida and South Carolina, have re-opened. The impact of these closures on the fourth quarter results and the ability to recover some of the costs through insurance is being assessed; however, the impact on fourth quarter sales has been lower than that recorded in the third quarter results
- Announced a new executive vice president and COO for the collision business
- Announced a dividend increase of 2.1% to $0.588 per share annualized from $0.576 per share annualized
- Achieved growth in the Technician Development Program, from approximately 200 apprentices at the beginning of 2022 to 400 apprentices
Source: Boyd Group Services, Inc.
Abby Andrews