Toronto, Ontario — On Wednesday, Boyd Group Services Inc. announced that sales increased by two percent to $752.3 million from $737.8 million in its third quarter results.
Additionally, the financial quarter report noted that “the third quarter of 2024 recognized one additional selling and production day when compared to the same period of 2023, which increased selling and production capacity by approximately 1.6 percent. Sales were modestly impacted by hurricane activity, with an estimated negative impact of less than $4.0 million during the third quarter.”
Other highlights from the financial report state that gross profit increased by 2.9 percent to $343.6 million, or 45.7 percent of sales, from $333.8 million, or 45.2 percent of sales in the same period in 2023.
Boyd further added 10 collision repair locations, including eight through acquisition and two start-up locations.
The report concluded that subsequent to quarter end, the company announced a dividend increase of two percent to $0.612 per share.
Timothy O’Day, chief executive officer, Boyd Group commented that “third quarter results continued to be impacted by low claims volumes. Although we are disappointed with the third quarter results, we continue to gain market share by performing better on key client performance metrics.”
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