Many thanks
Stephane
BYD fell 14% on earnings, but did rise 7% in the preceeding three days. EPS of 90c missed estimates of $1.07; revenue of $793.8M missed estimates of $886.0M. EBITDA of $103.6M beat estimates by 0.8%. It received some broker downgrades following the release. Repairable claims volume declined 2% to 4% in the quarter. This is an improvement from the prior quarter. EBITDA did increase 12% year over year. Sales rose but as noted missed estimates. Same store sales were up 2.2%. The integration of Joe Hudson's Collision is coming along, with 44% sites converted. BYD notes it is seeing some improvement in insurance and other metrics so far in 2026. The was certainly not a great quarter, but BYD's business is 'chunky' and often correlated with weather (collisions). Not a disaster here, and the company notes improvement. But for investors, another disappointment and the stock's volatiliy is hard for some investors. The balance sheet is fine and consensus still calls for decent EPS growth this year and next. But we need to see some more consistent performance here. We would consider it a HOLD, with shares already down to reflect the news.