10:08 AM EST, 11/05/2024 (MT Newswires) -- Boyd Group Services ( BYDGF ) on Tuesday said third-quarter adjusted net earnings fell 85% to US$3.2 million, or US$0.15 per share, from US$21.5 million, or US$1.00 per share, in the same three months last year. The results missed a consensus mean of US$0.47 per share at Capital IQ.

Revenue for the quarter ended Sept. 30 rose 2% to US$752.3 million from US$737.8 million a year earlier, but missed the Capital IQ consensus mean of around US$759.7 million.

Boyd expects challenging market conditions to continue into the fourth quarter, with demand impacted by recent hurricanes. The company remains focused on its long-term target of doubling revenue by 2025 compared with the 2019 level, though current conditions may delay this goal, Boyd said in a statement on Tuesday.

Hurricanes during the quarter led to temporary closures of 47 locations across several states, with an additional 52 closures in Florida post-quarter due to Hurricane Milton, Boyd said. The company added 10 collision repair locations in the third quarter, including eight acquisitions and two start-ups.

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