Winnipeg, Manitoba — Winnipeg, Manitoba-based Boyd Group Services reported its Q3 results on Friday, where the network said it added 21 locations to its portfolio during the quarter–17 via acquisition and four start-ups.
The company reported 17.9 percent growth in sales, reaching $737.8 million compared to $625.7 million in the same period of the previous year. Performance can be attributed to a combination of factors, said Boyd, including organic growth and a noteworthy 11.8 percent increase in same-store sales.
Gross profit increased by 18.3% to $333.8 million in Q3 2023, representing 45.2 percent of sales. In the corresponding period of 2022, gross profit stood at $282.3 million, accounting for 45.1 percent of sales.
Adjusted EBITDA increased by 28.7 percent to $94.0 million, and adjusted net earnings reached $21.5 million.
Net earnings totalled $20.5 million.
“Boyd continues to execute on its growth strategy. During 2023, the Company has added 78 single locations, while at the same time achieving same-store sales increases of 18.3% for the year thus far,” said Tim O’Day, president and CEO of Boyd Group. “While quarterly same-store sales increases have tapered from those experienced during the period following the pandemic and pandemic-related disruptions, over the past five and ten-year periods, the Company has posted average quarterly same-store sales increases of 6.7% and 5.9% respectively. Thus far in the fourth quarter, same-store sales increases are lower than what was experienced in the third quarter of 2023, but remain ahead of the average five-year level of same-store sales growth.”
O’Day added that the United Auto Workers strike did not impact Boyd’s ability to source parts required to complete collision repairs during the third quarter of 2023.
“Despite the tentative settlements underway, the duration of the strike has resulted in modest delays in the supply of certain parts, and therefore the completion of a small number of repairs during the fourth quarter thus far,” said O’Day.