Q: May we get an analysis and outlook from you on BYD following their earnings announcement please
Sheldon
Sheldon
5i Research Answer:
EPS of 56c missed estimates of 61c; revenue of $779.1M missed estimates of $789.3M. EBITDA of $89.6M beat estimates by 2%. Sales rose 3.4%. EBITDA decreased 6.1%. Four locations were added, post-quarter-end. Industry repairable claims were down 7%, but same store sales at BYD only declined 3.2% as it gained market share. Margins improved with cost control. Nothing spectacular here, but following earlier stock losses we do not think investors had high expectations going into the quarter, and the stock has firmed up today despite fairly lacklustre earnings here.