07:01 AM EDT, 05/14/2025 (MT Newswires) -- Boyd Group Services ( BYDGF ) on Wednesday reported a 77% drop in adjusted net earnings, noting a decline in sales and market headwinds.

Adjusted net earnings was US$2.2 million, or US$0.10 per share, down from US$9.4 million, or US$0.44 per share and missing the US$0.14 earnings per share consensus estimate compiled by FactSet.

Total sales came in at US$778.3 million, a decrease from US$786.5 million and falling short of the US$795 million sales consensus estimate compiled by FactSet.

Adjusted EBITDA also declined to US$80.5 million from US$81.7 million.

"Boyd is making progress relative to the five-year goal announced earlier this year, which includes growing revenue to $5 billion and doubling adjusted EBITDA to $700 million by 2029," said Boyd President and COO Brian Kaner.

In addition, Boyd CEO Timothy O'Day is stepping down from his role, effective Wednesday at the company's annual general and special meeting. Kaner will succeed O'Day as CEO. O'Day will continue to be available in an advisory capacity through the end of 2025.