CHICAGO, Ill. — LKQ Corporation has announced that its board of directors has authorized a stock repurchase program. Under the program, LKQ Corporation may purchase up to $500 million of its common stock from time to time through October 25, 2021. The timing and the amount of any repurchases of common stock will be determined by LKQ management based on its evaluation of market conditions and other factors. At September 30, 2018, the Company had 318.2 million shares of common stock outstanding.
Dominick Zarcone, president and CEO of LKQ Corporation, stated, “This repurchase program demonstrates the board’s confidence in our future and reflects an efficient way to enhance long-term stockholder value. Our main priorities are to continue to both invest in the growth of our global business and deleverage the balance sheet. Our strong balance sheet and healthy cash flow position affords us the opportunity to continue investing in our strategic growth drivers while simultaneously utilizing a share repurchase program to maintain a balanced capital allocation strategy.”
Under the repurchase program, the company is authorized to repurchase shares in open market purchases as well as in privately negotiated transactions. The repurchase program will be effected under SEC Rule 10b-18, and the program is subject to market conditions, applicable legal requirements, and other factors. The repurchase program does not obligate the company to acquire any specific number of shares and may be suspended or discontinued at any time. Stock purchased as part of this program will be held as treasury stock.
SOURCE: LKQ Corporation press release