The Boyd Group Income Fund (The Boyd Group) posted positive revenue growth during its first quarter in 2019, according to the company’s financial report and conference call.
Its financial results mentioned in the report ended on March 31, 2019. Sales increased by 23.1% to $557.9 million, when compared to the same time period in 2018. According to the company’s financial report, same-store sales went up by 5.3%.
“The strong demand over the past few months contributed to our same-store sales growth,” said Brock Bulbuck, the Boyd Group CEO.
The Boyd Group not only is a retail auto glass operator, but it also has collision repair centers across the United States and Canada. It operates Boyd Autobody & Glass, Gerber Collision & Glass, Gerber National Claim Services, Glass America and Assured Automotive.
“We are pleased with the results in the first quarter of 2019, which continue to reflect the execution of both our growth and operational excellence strategies,” said Bulbuck.
Within its first quarter, the company successfully added 42 locations, which includes entering into N.Y. and South Carolina, according to the report. Following the end of its first quarter, the Boyd Group added nine locations, including one intake center. The company also amended its credit agreement to expand the facility to $400 million U.S.
“We continue to be well positioned to take advantage of opportunities in the market. Entering into two states helps aid in our company’s growth,” said Bulbuck. “Looking ahead, our pipeline to add new locations in existing markets and to expand into new markets is healthy.”
Its adjusted net earnings increased by 39.7% having a total of $29.2 million when compared to its 2018 result of $20.9 million. Its first-quarter gross margin rose to 45.3%, showing a minor positive growth of 0.4%, compared to its results during the same time period last year.
The Boyd Group Income Fund continued its growth through the end of 2019’s first quarter by completing the call option transaction to acquire the 30% of non-controlling interest in Glass America LLC, according to the financial report.
The company did make a note on how the technician shortage has impacted some of its business.
“Yes, we were seeing some seasonal slow-downs in some of our markets. It’s really more like a tale of two stories because in some areas we’re seeing the technician shortage impact business, but in other areas, the shortage hasn’t been an issue,” said Tim O’Day, the Boyd Group chief operating officer and president.
The company’s first quarter results has some representatives expecting continued success for its second quarter.
“Entering the second quarter, we are starting to see some normal seasonal softening in demand in some of our markets, however, looking to the balance of 2019 and beyond, we continue to be confident that we will maintain our progress toward our long-term growth targets and operational plans,” said Bulbuck.