BOYD GROUP SERVICES

BYD
Delayed Toronto Stock Exchange - 04:00 2022-12-02 pm EST
218.00 CAD -0.11%

Boyd Group Q2 Adjusted EPS US$0.63 Vs US$0.53 Year Ago; Announces CFO Retirement; Provides Outlook

08/10/2022 | 07:26am
(MT Newswires) -- Boyd Group Services Inc. (BYD.TO) -- which controls The Boyd Group Inc. and its subsidiaries, one of the largest operators of non-franchised collision repair centers in North America -- on Wednesday reported Q2 adjusted net earnings of US$13.6 million, or US$0.63 per share, compared with US$11.4 million, or US$0.53 per share, a year earlier.

Analysts polled by Capital IQ estimated adjusted earnings at US$5.1 million, or US$0.29 per share.

Sales increased by 37.8% to US$612.8 million from US$444.6 million in the same period of 2021. Same-store sales increased to US$536.1 million from US$438.2 million. Analysts surveyed by Capital IQ expected revenue at US$569.4 million.

"Demand for Boyd's services continued to substantially exceed capacity in all U.S. markets, while Canadian markets continued to experience recovery of demand for services as conditions began to normalize," said Timothy O'Day, President and CEO.

Boyd Group also announced the planned retirement of Pat Pathipati from the role of Executive Vice President and CFO, effective Dec. 31. An executive search process for his successor has started, it said.

In its outlook, the company said its revenue will be impacted in the near term by continuing levels of absenteeism from COVID. This will be further compounded by challenges of vacation, especially given the already tight workforce.

"In the very near term, same-store sales will continue to be an important driver of growth. Thus far, in the third quarter of 2022, the company has experienced same-store sales growth within the range of the first half of 2022," said O'Day.

MT Newswires 2022
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