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Full-Year Findings: Boyd Group Services Inc. announces Q4, 2024 financial results; highlights sales increases by 4.2 percent to $3.1 billion

When looking at the company’s data subsequent to quarter end, Boyd further highlights that it has Announced new growth goals, which includes growing revenue to $5 billion in 2029, doubling Adjusted EBITDA to $700 million between 2024 to 2029.

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Toronto, Ontario – Boyd Group Services Inc has now announced the results for the company’s fourth quarter and 2024 financial period, highlighting continued market share gains in continued challenging market conditions.

Specific highlights from Boyd’s report include:

  • Sales increases by 4.2 percent to $3.1 billion from $2.9 billion in the same period of 2023, including incremental sales from 155 new locations of $187.2 million
  • An adjusted EBITDA decrease of 9.1 percent to $334.8 million, compared to $89.7 million in adjusted net earnings in 2023
  • Net earnings decreased 71.7 percent to $24.5 million, compared with $86.7 million in 2023 and net earnings per share decreased 71.7 percent to $1.14 compared with $4.04 in 2023

However, when looking at the company’s data subsequent to quarter end, Boyd further highlights that it has:

  • Announced new growth goals, which includes growing revenue to $5 billion in 2029, doubling Adjusted EBITDA to $700 million between 2024 to 2029
  • Added nine locations
  • Declared first quarter dividend in the amount of $0.153 per share.

“Throughout 2024, Boyd consistently posted market share gains in a challenging environment characterized by low claims volumes, driven by significant insurance premium inflation and overall economic uncertainty, as well as mild winter weather, with 2024 being the warmest winter in over 129 years”, said Timothy O’Day, chief executive officer of the Boyd Group.

“Demand for services was negatively impacted by these external factors”, added O’Day. “Although industry sources reported a year-over-year decrease in repairable claims of 9.0 percent for all losses and 7.9 percent excluding comprehensive claims, Boyd posted a year-over-year same-store sales decline of only 1.8 percent, demonstrating Boyd’s ability to gain market share in this very challenging environment.”

To read the full report, click here. 
 

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