07:53 AM EDT, 03/19/2025 (MT Newswires) -- Boyd Group Services ( BYDGF ) , one of the largest operators of non-franchised collision repair centers in North America, on Wednesday said fourth-quarter profit plunged as acquisition and transformational cost initiatives impacted results.

Net earnings for the three months ended Dec. 31 fell to US$2.4 million or US$0.11 per basic and diluted share compared with US$19.1 million or US$0.89 per basic and diluted share, a year earlier. Total sales for the fourth quarter increased to US$752.3 million compared with $740 million a year earlier, in line with a consensus estimate compiled by FactSet.

Boyd Group Chief Executive Timothy O'Day said that demand for services in 2024 took a hit from low claims volumes driven by "significant" insurance premium inflation, overall economic uncertainty, and mild winter weather.

The company also noted that same-store sales in the first quarter of 2025 has improved compared to Q4 but added that it was not positive yet.

Shares of the company closed down $0.79 to $226.75 on Tuesday on the Toronto Stock Exchange.