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Thursday, 13 August 2020 19:00

Financial Results for Boyd Group Proves Impact of COVID-19

Written by Tara Taffera, glassBYTEs.com

Index

The COVID-19 pandemic definitely made an impact on industry companies, as was shown through the recent financial results for Boyd Group Services Inc.

The company, which owns Gerber Collision and Glass and Glass America, issued its financial results for the three- and six-month periods ending June 30.

 

The company reports sales decreased by 25.5% to $426.5 million, from $572.5 million in the same period of 2019. Net earnings decreased 151.4% to a net loss of $7.1 million, compared with $13.7 million of net earnings in the same period of 2019.

 

Still, the company’s CEO said, the company and its team is resilient and is “well prepared to navigate through this challenging environment.”

 

“The proactive steps our team has taken throughout the second quarter of 2020 have allowed us to continuously adapt to the COVID-19 pandemic impacted environment in which we are currently operating and thereby demonstrate our resilience as a business and as a team,” said Tim O’Day, president and CEO of the Boyd Group. “Our efforts delivered positive operating cash flow, notwithstanding the substantial decline in the revenues caused by COVID-19.”


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