A major Winnipeg MSO reported record first-quarter sales and adjusted EBITDA following its acquisition of U.S.-based Joe Hudson’s Collision Center earlier this year.
During the first quarter of 2026, Boyd Group Services posted record first-quarter sales and adjusted EBITDA. This was helped, in part, by the acquisition, which closed Jan. 9.
In a deal that closed on January 6, the company added 269 locations during the quarter, including 258 through the Joe Hudson acquisition, bringing its total collision repair network to 1,312 locations across North America, up 33% year-over-year.
Sales rose 28.1% to US$996.7 million for the quarter ended March 31, up from US$778.3 million a year earlier. Adjusted EBITDA climbed 51.9% to US$122.4 million while adjusted EBITDA margins increased to 12.3% from 10.3%.
Same-store sales increased 1.7% during the quarter. Boyd stated same-store sales growth would have been about 2.6% excluding the impact of unusual winter storms in the southern United States.
Boyd also reported more than US$20 million in incremental cost savings and acquisition synergies tied to Project 360 and the Joe Hudson integration during the quarter, bringing total realized savings under the initiative to more than US$60 million.
“We delivered all-time record sales and adjusted EBITDA in the first quarter, reflecting strong execution of our growth strategy and operational priorities,” Boyd Group Services Inc. president and chief executive officer Brian Kaner said in the earnings release.
“Sales increased by 28.1% while adjusted EBITDA grew an even stronger 51.9%, driven by a 33% year-over-year growth in our location footprint, positive same-store sales, and disciplined execution on Project 360 and acquisition synergies.”
Net loss totalled US$7.9 million compared with a US$2.6 million loss during the same quarter last year. Boyd attributed the loss to acquisition and transformation costs tied to the Joe Hudson acquisition and Project 360 initiatives. Adjusted net earnings increased 144.3% to US$16.1 million.
Boyd officials stated industry repairable claims volume declined in the low-single-digit range during the quarter based on claims-processing platform data, which the company said aligned with its long-term growth framework.
“I’m pleased to report that the normalization in repairable claims has continued to positively benefit our business early in the second quarter, with same-store sales in April approaching the low end of our long-term range,” Kaner said.
