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Monday, 16 November 2020 20:53

How Has Boyd Group Fared Through the Pandemic?

Written by Emmariah Holcomb, glassBYTEs.com

Index

Boyd Group Services Inc. released its 2020 third quarter financial report recently and noted its financial results were impacted significantly by the pandemic.

According to the report, sales decreased by 10.3% to $508.3 million from $567.0 million when compared to the same period last year. Same-store sales decreased by 15%, with Canada having a greater negative impact due to the slower economic reopening, according to the report.

 

The Boyd Group is not only a retail auto glass operator, it also has collision repair centers across the U.S. and Canada. It operates Boyd Autobody & Glass, Gerber Collision & Glass, Gerber National Claim Services, Glass America and Assured Automotive.

 

“The steps our team has taken since the onset of the pandemic have positioned us well, and our third quarter results are a direct result of these efforts,” said Tim O’Day, the Boyd Group CEO and president.

 

The financial report also highlighted some of the company’s additions that were made after the quarter ended, which included adding five locations, including one intake center; announcing a five-year growth plan; and announcing its U.S. dollar reporting starting January 2021.

 

“In the third quarter of 2020, we have posted strong results, in spite of the decline in revenues caused by COVID-19,” O’Day said. “Throughout the quarter, we continued to adjust our business in accordance with changes in demand for our services, increasing production capacity as demand for collision repair services rose.

 

"During the quarter, we were also able to recommence the completion of acquisitions and entered into the state of Arkansas. As we continue to navigate through this pandemic environment...


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