In this week’s Tuesday Ticker, aftermarket operators are reporting stronger margins and continued expansion, even as organic demand remains uneven and markets react cautiously.
Boyd's Annual Results
The Boyd Group is reporting higher revenue, expanding margins and weaker same-store sales in its latest annual report.
A March 18 release from Boyd Group Services Inc. reports 2025 revenue of US$3.14 billion, up 2.4% from the previous year.
Listed on the TSX and NYSE, the Winnipeg company operates collision repair centres across Canada and the U.S. under brands including Boyd Autobody & Glass and Gerber Collision & Glass. Growth came from new locations and acquisitions, while same-store sales slipped 0.2%, partly due to one fewer production day.
During the year, the company added 70 collision locations during the year and completed the acquisition of Joe Hudson’s Collision Center after year-end, adding 258 more locations in the U.S. Southeast.
Adjusted EBITDA rose 12.4% to US$376.3 million and margin improved to 12.0%, up 110 basis points. Adjusted net earnings increased 28.8% to US$62.4 million, while reported net earnings fell 25.0% to US$18.4 million due to acquisition and restructuring costs. Internal scanning and calibration rose to 75% of repairs in the U.S. business, up from 53% a year earlier. The company is targeting adjusted EBITDA margins above 14% over time.
“We closed out 2025 with strong momentum, highlighted by our second consecutive quarter of positive same-store sales growth, continued outperformance relative to industry trends, margin expansion and a strengthened competitive position,” said Brian Kaner, President and Chief Executive Officer. “Adjusted EBITDA increased 12.4% year-over-year, supported by a 110 basis point expansion in Adjusted EBITDA margins to 12.0%, demonstrating meaningful progress towards the Company’s Adjusted EBITDA margin goal of 14%+.”
Boyd shares fell following the release. The stock closed around $222 before the announcement and traded near $192 in the following sessions, a decline of about 13%.
AutoCanada year-end results release
Annual financial results and operational restructuring are being reported by a Canadian dealership and collision network operator.
A March 18 release describes AutoCanada Inc., based in Edmonton, reporting fourth-quarter and full-year results alongside ongoing cost restructuring. The TSX-listed company operates 64 franchised dealerships and a growing collision platform with 33 repair facilities and one calibration centre.
The release highlights cost reductions and repositioning efforts while identifying collision repair as a strategic growth segment. The company continues to pursue expansion in collision through acquisitions and organic buildout.
“I’d like to start by thanking the board for their trust in appointing me to lead AutoCanada at such an important time for the company,” said Samuel Cochrane, CEO of AutoCanada.
Shares closed around $17.00 before the disclosure and most recently traded near $17.15, an increase of about 0.9%.
Magna ADAS technology release
New driver-assistance technology supporting hands-free highway driving is being introduced by a major Canadian aftermarket parts supplier.
On March 17, Aurora, Ontario-based Magna International inc. announced it is releasing new ADAS offerings. The systems combine radar, cameras and software designed to support automated highway driving and additional safety features in passenger vehicles.
“Our scalable ADAS solutions help automakers bring advanced safety technologies to more vehicles,” said a Magna executive in the release.
Magna shares closed around $73.40 before the disclosure and most recently closed near $74.05, an increase of about 0.9%.
