Boyd Group Services Inc. reported setting new records in sales and profitability in 2023. This news comes as the company continues to execute its aggressive growth strategy, marked by the addition of 106 new locations and substantial improvements in its financial metrics.
The company, which operates Gerber Collision & Glass locations in the U.S., as well as auto glass operations under several names, saw a 21.1% increase in sales, reaching $2.9 billion, up from $2.4 billion in the previous year, including a 15.8% rise in same-store sales, despite the fiscal year having one less selling and production day compared to 2022. Adjusted EBITDA followed suit, jumping 34.6% to $368.2 million, up from $273.5 million in 2022.
Boyd Group reported a 111.7% surge in adjusted net earnings, which climbed to $89.7 million from $42.4 million in the previous year. Similarly, net earnings per share saw a 111.6% increase.
Boyd's strategic growth included the addition of 106 new locations -- 78 acquired and 28 startup locations.
The company also published its second Environmental, Social and Governance Report, and announced the election of Christine Feuell to its Board of Directors and the appointment of Jeff Murray as its new executive vice president and CFO.
"We are pleased with the strong financial results reported in 2023, once again achieving record sales and showing meaningful improvement in leverage and profitability when compared to the prior year", said Timothy O'Day, president and CEO of the Boyd Group. "Demand for services remained high throughout 2023. We were able to continue successfully negotiating selling rate increases from our insurance company clients to better reflect the labor cost increases we have been experiencing, although further increases are necessary to bring our labor margin back into the normal range."
Looking ahead, Boyd said the pipeline to add new locations and to expand into new markets is robust, through single- or multi-location acquisitions, as well as through start-up locations.
Boyd is focused on optimizing performance of new locations, as well as scanning and calibration services, and consistent execution of its operating standards.
Given the high level of location growth in 2021, the strong same-store sales growth during 2022, and the combination of same-store sales growth and location growth in 2023, Boyd remains confident it is on track to achieve its long-term growth goals, including doubling the size of the business on a constant currency basis from 2021 to 2025 against 2019 sales.
