Boyd Group Reports Sales Increase, Earnings Decrease in Q3
Nov. 11, 2021—The Boyd Group released its third quarter earnings report on Wednesday.
The report revealed the company saw a 28.4 percent increase in sales over the quarter. Year-to-date it has seen a 17.2 percent increase. The company generated $490.2 million in sales in the third quarter and reported 1.35 billion in sales year-to-date.
The report revealed the company added 52 locations, including 48 through acquisition. Thirty-five of those locations were acquired through the Collision Works acquisition.
Despite the growth in those areas, the company did see its net earnings decrease compared to 2020. Boyd Group CEO Tim O’Day cited labor availability and parts supply chain shortages as main factors in those constraints.
“These transitory market conditions caused a rapid reduction to the margins we were able to deliver in the third quarter and is continuing to cause margin pressure into the fourth quarter thus far,” O’Day said in a statement.
