Winnipeg, Manitoba — Boyd Group Services reported its fourth-quarter and full-year results for 2021 on Wednesday, beating consensus revenue estimates and surging the company’s shares ten percent over Tuesday’s close.
The company reported Q4 revenues of US$516 million, marking an increase of 28 percent year-over-year. Comparatively, analysts expected Boyd to report revenues of US$506 million for the quarter ending Dec. 31, 2021.
For 2021 overall, Boyd said its sales were up nearly 20 percent at US$1.9 million. Same-store sales rose by seven percent, despite a tough labour market, supply chain disruptions and higher wages.
The company’s bottom line was impacted as adjusted EBITDA declined 0.2 percent to US$219.5 million, while adjusted earnings dropped 32 percent to US$28 million, or US$1.30 per share in 2021.
Boyd Group Services also said it opened 127 new locations last year–a yearly record for the company–including 101 acquisition locations, 10 start-up locations and 16 intake centres.
