Boyd Group Services hits US$1 billion in quarterly sales amid stock price drop

Boyd Group Services reported record quarterly sales of US$1.013 billion, marking the first time in the company’s 36-year history that it has surpassed the US$1 billion threshold in a single quarter. This represents a 29.9 percent increase compared to the previous year, driven largely by the addition of 340 new locations and the integration of Joe Hudson’s Collision Centre.

Despite the record revenue, the company’s stock experienced significant volatility. Shares dropped approximately 10 percent during trading following a series of analyst price target reductions. Financial institutions including Scotiabank, Desjardins, BMO Capital Markets, and Stifel Nicolaus lowered their price targets for the stock. While some firms like TD and National Bank Financial raised their targets or maintained positive ratings, the overall market sentiment saw a downward adjustment in valuation expectations.