Boyd's Quarterly Earnings Fall as Sales Rise 28%
The collision repair operator's third-quarter sales rose 28.2% as finance costs increased following its Joe Hudson's acquisition.
Boyd Group Services Inc. (BGSI), a collision and auto glass repair operator, reported sales of US$1.01 billion for the third quarter ended September 30, 2026, up from US$790 million a year earlier. Net earnings fell to US$81,000 from US$10.8 million, with the latest result affected by acquisition and transformational costs and amortization of acquisition-related intangibles.
Boyd said those costs were US$5.2 million after tax in the quarter, and acquisition-related intangible amortization was US$11.4 million after tax. Higher depreciation and finance costs also weighed on earnings, the company said.
Adjusted net earnings, which exclude those items and certain fair value adjustments, rose to US$19 million from US$17.8 million. Adjusted earnings fell to US$0.68 a share from US$0.83 a share; the prior-year figures were restated to reflect the exclusion of acquisition-related intangible amortization.
The January acquisition of Joe Hudson's added 258 locations across the U.S. Southeast. Those stores contributed US$170 million in third-quarter sales, and Boyd said their revenue trend against the prior year improved sequentially during the quarter.
Same-store sales rose 2.2%, excluding foreign exchange. Boyd attributed the increase in part to volume gains supported by its performance and insurer relationships; the company estimated that industry repairable claims volumes declined 1% to 3% in the quarter.
Adjusted earnings before interest, taxes, depreciation and amortization rose to US$132 million from US$98.4 million. Boyd attributed the increase primarily to the Joe Hudson's stores, improved gross margin and savings from acquisition synergies and its Project 360 initiative.
Interest paid also increased over the first nine months of the year, reaching US$88.9 million from US$54.6 million in the comparable period of 2025. The figures represented cash payments. Boyd said quarterly finance costs rose primarily because of interest on senior unsecured notes and increased interest on lease liabilities associated with the Joe Hudson's transaction.
Boyd reported US$28.1 million in cash at September 30, up from US$23 million at the start of the third quarter. The September balance was below the US$64.3 million Boyd held a year earlier. At the end of 2025, the company had US$1.23 billion in cash, including proceeds from debt and equity offerings used to fund the January acquisition.
Total liabilities rose to US$2.58 billion at September 30 from US$2.14 billion at the end of 2025. Long-term debt increased to US$423 million from US$352 million, and long-term lease liabilities rose to US$888 million from US$653 million.
Boyd operated collision repair locations in Canada and the U.S. under brands including Boyd Autobody & Glass, Assured Automotive and Gerber Collision & Glass. A high percentage of its revenue came from insurance-paid collision repairs, the company said.
The company listed 1,336 collision repair locations as of November 10, including 1,203 in the U.S. Its additions during 2026 and through that date included 54 locations in Texas and 37 in Florida. Boyd expects to complete and open 11 start-up locations in the fourth quarter.
CAE raises earnings outlook after quarterly revenue falls
NexGen narrows nine-month loss as debenture valuation improves
Greenfire's oil sales more than double as quarterly loss widens
Elemental Reports Quarterly Revenue Up 203%