Q: Could you comment on BYD result's released this morning? Thanks in advance
5i Research Answer:
EPS of 15c missed estimates of 48c; revenue of $752M missed estimates of $757M. EBITDA of $80M missed estimates by 8%. Sales rose 2% with same store sales down 3.5%. There was some impact from hurricanes. Debt increased slightly. Ten locations were added. The dividend was increased 2%. Low claims volumes continue to impact the company. This is not necessary just a company issue, the entire sector seems to be getting lower claims. BYD notes that negative trends are continuing into the Q4, and it is still looking at ways to reduce costs. Certainly these are not great numbers, and the trend here is becoming somewhat concerning.