Boyd Group Profit Slips as Financing Costs Rise

The company, which operates nonfranchised collision repair centers, reported earnings of zero cents a share, compared with 50 cents a share in the same quarter last year. Financing costs rose to $32.3 million from $18.8 million. Higher amortization of intangible assets and acquisition and transformational costs also weighed on profit.

Adjusted earnings were 68 cents a share, below the 83 cents analysts expected, according to FactSet. Revenue increased 28% to $1.01 billion, but fell short of analysts’ $1.02 billion estimate. The Joe Hudson’s Collision Centers acquisition was a major source of growth, adding locations and $206 million in revenue.

Boyd ended the quarter with 1,329 collision locations, up from 1,014 a year earlier. Same-store sales growth slowed to 2.2% from 2.4% in the comparable period.