Boyd Group Services Inc. estimates repairable claims volumes dropped about 1% to 3% year over year during the third quarter of 2026, according to the company’s Nov. 11 earnings release. Boyd said that range fits the assumptions behind its long-term plans.
Sales for the quarter ended Sept. 30 rose 28.2% to $1.01 billion. Locations that were not operating throughout the prior-year period, 342 in all, contributed $206.0 million, and same-store sales grew 2.2%, compared with 2.4% in the third quarter of 2025. Boyd credited the same-store gain to higher repair volumes, which it tied to its performance and its relationships with insurers, along with a modest rise in total cost of repair.
Brian Kaner, president and CEO of Boyd Group, said in the release: “Our third quarter results reflect continued progress on our strategic priorities and ongoing outperformance of broader industry trends. Revenue increased 28%, supported by the addition of Joe Hudson’s, market share gains and positive same-store sales growth. We delivered year-over-year expansion in gross and Adjusted EBITDA margins, benefiting from Project 360 initiatives and acquisition synergies, and remain on track to achieve our accelerated $65 million savings target for 2026.”
In the second quarter, Boyd Group estimated repairable claims were flat to down 2% and reported 2.9% same-store sales growth. For the third quarter of 2025, Jeff Murray, executive vice president and CFO, said on the Nov. 12 call that the company estimated repairable claims were down between 3% and 5%.
Paint and calibration margins improve
Gross profit climbed 29.4% to $473.4 million, and gross margin widened to 46.7% from 46.3%, the release said. Boyd attributed the improvement to stronger paint margins, helped by Joe Hudson’s synergies and Project 360, and to better margins on calibration, scanning, and sublet work. Lower labor and parts margins partly offset those gains.
Adjusted EBITDA grew 34.3% to $132.1 million, lifting the adjusted EBITDA margin to 13.0% from 12.4%. Net earnings fell to $81,000 from $10.8 million, which the company tied to $5.2 million in acquisition and transformational costs and larger amortization charges on intangible assets. Adjusted net earnings rose to $19.0 million from a restated $17.8 million, as increases in depreciation and in finance costs partly offset higher adjusted EBITDA. Adjusted earnings per share were $0.68, compared with a restated $0.83 a year earlier. Boyd restated both prior-year figures because, starting in the fourth quarter of 2025, its adjusted net earnings leave out the amortization of acquisition-related intangible assets.
Project 360 and acquisitions from synergies produced $50 million in savings through Sept. 30. The company expects another $15 million in the fourth quarter, for a projected $65 million in savings in 2026 and $140 million over 2025 through 2029. Boyd closed its $1.3 billion acquisition of Joe Hudson’s Collision Center on Jan. 9, adding 258 locations across 18 states, primarily in the Southeast.
Boyd adds 10 shops, expects 11 start-ups
All 10 locations Boyd Group added in the third quarter came through single-shop acquisitions. The company finished the period with 1,329 collision locations, up 31% from 1,014 a year earlier, and expects to open 11 start-ups before year-end.
Same-store sales growth stayed positive in October, according to the release. Boyd said it judges same-store sales across longer stretches because results vary from month to month and quarter to quarter.
Boyd announced a normal course issuer bid during the quarter and has started repurchasing shares through it. “We also launched a normal course issuer bid, reinforcing our commitment to a disciplined and balanced approach to capital allocation, with a focus on supporting our existing operations, strengthening our market position and creating long-term shareholder value,” Kaner said. On Sept. 17, the company announced a third-quarter cash dividend of C$0.156 a share, which was paid Oct. 28.
Lisa McArdle