Boyd Group Services Inc. (NYSE: BGSI) reported record first quarter sales of $996.7 million, representing a 28.1% increase from the prior year period. The collision repair company also posted record adjusted EBITDA of $122.4 million, up 51.9% year-over-year.

Same-store sales increased 1.7% during the quarter, marking the third consecutive quarter of positive growth. The company noted that adjusting for weather impacts in the southern United States, same-store sales growth would have been approximately 2.6%.

Boyd added 269 locations during the quarter, increasing its collision location footprint by 33% year-over-year to 1,312 total locations. The majority of new locations, 258, came from the Joe Hudson's acquisition, with the remainder from single shop acquisitions and new startup locations.

Adjusted EBITDA margins expanded 200 basis points to 12.3% from 10.3% in the prior year period. The company attributed the margin improvement to contributions from the Joe Hudson's acquisition, Project 360 cost savings, and synergy realization.

Despite the strong operational performance, Boyd reported a net loss of $7.9 million compared to a $2.6 million loss in the same period last year. The loss was attributed to acquisition and transformational costs related to the Joe Hudson acquisition and Project 360 initiatives.

The company distributed a first quarter dividend of C$0.156 per common share and reduced its pro forma debt leverage from 3.1x to 2.9x.

CEO Brian Kaner stated that the company achieved over $20 million in incremental Project 360 cost savings and Joe Hudson synergy realization during the quarter. The Joe Hudson's conversion to Boyd's systems was completed on schedule.

For the second quarter, Boyd expects to open five startup locations with an additional 17 startup locations planned through year-end, according to information provided in the company's press release.