Boyd Announces 2023 Q1 Financial Results

The Boyd Group Services Inc., a North American collision and auto glass services company, recently announced its financial results for the first quarter of 2023.

Company Background

Boyd is headquartered in Winnipeg, Manitoba, and has more than 800 location locations in the U.S. and Canada. Boyd operates in Canada under the trade names Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass.

In addition, Boyd is a major retail auto glass operator in the U.S. with operations under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Boyd also operates a third-party administrator Gerber National Claim Services (“GNCS”) that offers glass, emergency roadside and first notice of loss services.

The Results

During the first quarter, Boyd added 23 collision repair locations, including 16 through acquisition and seven start-up locations, as well as four single location glass businesses. It also said that since the end of the quarter, it had already added seven more locations.
Interestingly, the Boyd financial report stated that it had closed seven intake centers in the U.S. because demand for collision repair services exceeded its collision repair capacity.

Boyd announced that sales increased by 28.4% to $714.9 million for the quarter and gross profit increased by 33.3% to $327 million (note that dollar figures are Canadian).

The company announced a dividend in the amount of $0.147 per share.
Boyd president Timothy O’Day said that they were pleased with financial results although some results remain below pre-pandemic levels.

“Demand continues to be strong, with results once again constrained by the tight labor market and accompanying wage pressure. Supply chain disruption continues to normalize; however, sustained levels of high demand continue to result in elevated levels of work-in-process inventory.”

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