The Boyd Group said Hurricanes Harvey and Irma put a dent in its third-quarter financial results.
Although revenue was up nearly 14 percent to $392 million, the Winnipeg-based consolidator said the hurricanes “meaningfully impacted” the Q3 results.
Adjusted net earnings were down 4.6 percent to $12.5 million, and same-store sales slipped half a percentage point on a reported basis.
Boyd Group, parent company of Gerber Collision & Glass, estimated that the hurricanes had a $5 million impact on sales, a 1.5-percent impact on same-store sales and a $1.7 million impact on adjusted net earnings.
“In the third quarter of 2017, we continued to deliver solid results despite facing significant headwinds from hurricanes and the strengthening Canadian dollar, which is a demonstration of the resilience of our business model and the effectiveness of our strategy,” Boyd Group CEO Brock Bulbuck said. “In addition, we made several key acquisitions that provide us with a broader market presence and enhanced positioning for further growth. Based on our continued growth and the strength of our business, the board has decided to increase our monthly distributions – the 10th consecutive year they have done so.”
The consolidator added 10 locations in the third quarter – nine in Tennessee through the acquisition of an MSO, and one in Ontario.