Boyd Group hits US$1 billion sales in a quarter
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The company behind Boyd Autobody & Glass cracked $1 billion in sales within a quarter — the first time it’s done so in its 36-year history.
On Wednesday, Boyd Group Services announced sales of US$1.013 billion for its second quarter. It’s a 29.9 per cent increase from the year prior.
Over that year, Boyd Group Services added 340 new locations. Those sites added $211.3 million to its overall sales and accounted for most of the growth.
Mike Thiessen / Free Press files
Boyd Group Services announced sales of US$1.013 billion for its second quarter. It’s a 29.9 per cent increase from the year prior.Same store sales grew 2.9 per cent.
“It’s a surprisingly successful acquisition, based on the kind of data that we have so far,” said Wenlong Yuan, a University of Manitoba business professor.
Most acquisitions fail, Yuan noted. A 2024 analysis published in Fortune says 70 to 75 per cent of acquisitions fail.
Boyd Group Services acquired Joe Hudson’s Collision Centre last year for US$1.3 billion. Boyd netted 258 locations across the southeastern United States through the deal.
It’s integrated the U.S. company at a “quicker pace” than expected, said Steven Savard, vice-president of investor relations for Boyd Group Services.
“To (integrate) 258 of them in relatively short order is a pretty monumental task,” he said, adding the shops must be added to Boyd’s operating systems, among other administrative requirements.
Ongoing work through Project 360, Boyd Group Services’s plan to find efficiencies across its network, has led to further profit, the company reported. It hasn’t conducted layoffs, Savard said.
Adjusted earnings before interest, taxes, depreciation and amortization grew 45 per cent year over year, to US$135.9 million, the company reported.
Its net earnings dropped to US$1.3 million from US$5.4 million. The figures were impacted by higher depreciation and amortization costs from new location growth, and higher finance costs related to the acquisition of Joe Hudson’s.
Boyd Group Services plans to add 13 new locations during its third and fourth quarters. It continues to gain market share, it told investors.
The company began in Winnipeg in 1990. As of 2025, it had 1,000 shops.
It aims to reach $5 billion in revenue by 2029.