Boyd Group Services 1Q Profit Falls 55%; Shares Drop 6%

Shares in Boyd Group Services (BYD) fell more than 6% Wednesday morning after the company posted lower profit and revenue in its first quarter. The pandemic significantly impacted the financial Read More... The post Boyd Group Services 1Q Profit Falls 55%; Shares Drop 6% appeared first on TipRanks Financial Blog.

Boyd Group Services 1Q Profit Falls 55%; Shares Drop 6%

Shares in Boyd Group Services (BYD) fell more than 6% Wednesday morning after the company posted lower profit and revenue in its first quarter. The pandemic significantly impacted the financial results of the operator of non-franchised collision repair centers. Additional waves have caused more restrictions and continued reduction in collision demand.

Boyd Group’s revenue came in at $421.6 million for the quarter ended March 31, a decrease of 9.9% from $467.8 million in the prior-year quarter.

Meanwhile, it posted a profit of $7.7 million ($0.36 per diluted share) in 1Q 2021, a decrease of 54.4% as compared to a profit of $17.0 million ($0.71 per diluted share) in 1Q 2020. The company reported an adjusted profit of $8.3 million ($0.39 per share) in the first quarter of 2021, much lower than the adjusted profit of $15.2 million ($0.75 per share) it posted in the first quarter of 2020.

Boyd Group’s President and CEO Timothy O’Day said, "In late Q4, we made the decision to ready ourselves for higher post-pandemic demand levels expected in 2021. This included converting all temporary intake centers in the U.S. back to full production centers, thereby adding back most of the expenses that were temporarily eliminated. Our first-quarter results reflect the expense impact of this strategic decision.” (See Boyd Group Services stock analysis on TipRanks.)

On April 30, BMO Capital analyst Jonathan Lamers maintained a Buy rating on BYD with a C$263.00 for a 20.8% upside potential.

Overall, the consensus on the Street is that BYD is a Strong Buy based on 8 Buys. The average analyst price target of C$258.49 implies an 18.7% upside potential to current levels. Shares have risen by approximately 8% over one year.

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The post Boyd Group Services 1Q Profit Falls 55%; Shares Drop 6% appeared first on TipRanks Financial Blog.

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Dye & Durham Posts 300% Revenue Growth In 3Q: Shares Jump 6%

Shares of Dye & Durham (DND) rose as much as 6% in early trading Wednesday after the provider of cloud-based software and technology solutions for legal and business professionals announced Read More... The post Dye & Durham Posts 300% Revenue Growth In 3Q: Shares Jump 6% appeared first on TipRanks Financial Blog.

Dye & Durham Posts 300% Revenue Growth In 3Q: Shares Jump 6%

Shares of Dye & Durham (DND) rose as much as 6% in early trading Wednesday after the provider of cloud-based software and technology solutions for legal and business professionals announced strong revenue growth in its third quarter.

The company’s revenue for 3Q 2021 came in at C$68.9 million, increasing 300% from the prior-year quarter.

However, the company reported a net loss of C$10.6 million in the quarter ended March 31, worse than the net loss of C$1.3 million for the same quarter in fiscal 2020. Financial costs related to recent financings are mainly responsible for the rise in the net loss. Adjusted EBITDA amounted to C$37.6 million in 3Q 2021, up 267% from C$10.3 million in 3Q 2020.

Dye & Durham ended the quarter with access to over C$1 billion of capital which will be used to execute its strategy of growth through acquisitions.

Dye & Durham’s CEO Matt Proud said, "The Company's strong financial performance and growth in the third quarter demonstrate our ability to successfully execute on our acquisition strategy. During the quarter we made significant progress on integration and realizing synergies from recent acquisitions, which we expect will continue to drive even stronger financial results in the current quarter."(See Dye & Durham stock analysis on TipRanks.)

Last week, CIBC analyst Stephanie Price started coverage of DND with a Hold rating and a C$47.00 price target (17.5% upside potential).

The rest of the Street is cautiously optimistic on DND with a Moderate Buy consensus rating based on 2 Buys and 1 Hold. The average analyst price target of C$55.00 implies a 37.5% upside potential from current levels. Shares have increased by 85% over the past six months.

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The post Dye & Durham Posts 300% Revenue Growth In 3Q: Shares Jump 6% appeared first on TipRanks Financial Blog.

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