CHICAGO — LKQ Corporation reported record revenue for the first quarter of 2017 of $2.34 billion, an increase of 21.9% as compared to $1.92 billion in the first quarter of 2016. Income from continuing operations for the first quarter of 2017 was $140.8 million, an increase of 25.5% as compared to $112.2 million for the same period of 2016.
Diluted earnings per share from continuing operations for the first quarter of 2017 was $0.45, an increase of 25.0% as compared to $0.36 for the same period of 2016. On an adjusted basis, diluted earnings per share from continuing operations was $0.49, an increase of 16.7% as compared to $0.42 for the same period of 2016.
“I am proud of our ability to deliver excellent top line and bottom line growth, achieving record revenue and earnings in the first quarter of 2017,” stated Robert Wagman, president and chief executive officer of LKQ Corporation. “I am particularly pleased with the margin improvement in the quarter, notably North America which increased Segment EBITDA margin by 210 basis points sequentially and 110 basis points year-over-year. Global revenue growth in parts and services was a strong 24.5% on a constant currency basis. Also, despite the mild weather we again faced in North America during the first quarter, global organic revenue growth for parts and services was 4.5%, consistent with our annual guidance.”
Cash flow from operations totaled $172 million during the first quarter, and the company invested approximately $41 million in capital expenditures and other long term assets for continuing operations and paid $77 million for acquisitions. Proceeds from the divestiture of PGW’s automotive glass manufacturing business were used to pay down debt. As of March 31, LKQ’s balance sheet reflected cash and equivalents of $265 million and outstanding debt of $3.0 billion. Total availability under the company’s credit facilities at March 31 was approximately $1.4 billion.
SOURCE: LKQ Corporation press release