Boyd Group Services Reports Quarterly Results

Boyd Group Services Inc. announced quarterly sales growth with $786.5 million in sales in its first quarter 2024 financial results. The Canadian company operates the auto glass brands Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority, and in the United States and Boyd Autobody & Glass in Canada.

Although Boyd’s sales increased by 10% and its gross profit increased by 7.8% since last quarter, its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 3.5%, and its adjusted net earnings decreased to $9.4 million from $21.2 million the previous quarter.

“First quarter results were disappointing,” said president and CEO Timothy O’Day.

O’Day cited mild weather in the first quarter as a significant factor.  Mild weather means less weather-related or seasonal damage to auto glass.

“While the company expects claims volumes and demand for services to normalize as the year progresses, Boyd is prepared to take steps to address the challenges the business is currently facing, should the current softer level of demand continue,” said O’Day.

O’Day added that Boyd increased its brands’ scanning and Advanced Driver Assistance Systems calibration capabilities in 2024. He explained that Boyd has more than doubled the number of employees working with scanning and calibration.

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