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LKQ announces third quarter results

LKQ announces third quarter results

CHICAGO — LKQ Corporation reported revenue for the third quarter of 2017 of $2.47 billion, an increase of 11.7% as compared to $2.21 billion in the third quarter of 2016. Income from continuing operations for the third quarter of 2017 was $122 million, an increase of 11.4% as compared to $110 million for the same period of 2016. On an adjusted basis, income from continuing operations was $140 million, an increase of 11.1% as compared to the $126 million for the same period of 2016. Diluted earnings per share from continuing operations for the third quarter of 2017 was $0.39, an increase of 11.4% as compared to the $0.35 for the same period of 2016. On an adjusted basis, diluted earnings per share from continuing operations was $0.45 in the third quarter of 2017, as compared to the $0.41 for the same period of 2016.

“We had solid operating results across all of our segments during the quarter,” stated Dominick Zarcone, president and chief executive officer of LKQ Corporation. “Our North American segment generated organic revenue growth for parts and services of 2.5% on a reported basis and 4.0% on a per day basis, while increasing segment EBITDA margin by 40 basis points year over year. We also delivered strong parts and services organic revenue growth during the quarter in our European segment of 4.4% on a reported basis and 5.6% on a per day basis. Additionally, our Specialty segment realized organic revenue growth of 2.7% on a reported basis and 4.4% on a per day basis.”

On a nine month year-to-date basis, revenue was $7.27 billion, an increase of 13.0% from $6.43 billion for the comparable period of 2016. Parts and services organic revenue growth for the first nine months of 2017 was 3.8%. Income from continuing operations for the first nine months of 2017 was $414 million, an increase of 15.1% as compared to $360 million for the first nine months of 2016. Diluted earnings per share from continuing operations was $1.33 for the first nine months of 2017, reflecting a 14.7% increase as compared to $1.16 for the comparable period of 2016. On an adjusted basis, diluted earnings per share from continuing operations was $1.47 in the first nine months of 2017 reflecting a 9.7% increase over $1.34 for the same period of 2016.

During the third quarter of 2017, LKQ acquired 11 businesses to complement the company’s business lines, including two in the U.S. and nine in Europe.  Also in the third quarter, LKQ’s European operations opened two new branches in the United Kingdom and four new branches in Eastern Europe.

Conference call details

LKQ will host a conference call and webcast on Oct. 26 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) with members of senior management to discuss the company’s results. To access the investor conference call, please dial 844.579.6824. International access to the call may be obtained by dialing 763.488.9145.

Webcast and presentation details

The audio webcast and accompanying slide presentation can be accessed at www.lkqcorp.com in the Investor Relations section.
A replay of the conference call will be available by telephone at 404.537.3406 or 855.859.2056 for international calls. The telephone replay will require you to enter conference ID: 96162946#. An online replay of the audio webcast will be available on the Company’s website. Both formats of replay will be available through Nov. 10. Please allow approximately two hours after the live presentation before attempting to access the replay.

SOURCE: LKQ Corporation press release

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About Rebecca Smith

Rebecca Smith is a Wisconsin native currently living in Illinois with her husband, Eric, and two dogs, Maggie and Grace. She enjoys hiking, biking, kayaking and, of course, camping in cabins and park models.

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