Welcome to our dedicated page for LKQ Corporation news (Ticker: LKQ), a resource for investors and traders seeking the latest updates and insights on LKQ Corporation stock.
LKQ Corporation (NASDAQ: LKQ), a Fortune 500 company, stands as North America’s largest provider of alternative collision auto parts. Established in 1998, LKQ has evolved from a consolidator of auto salvage operations in the U.S. to a global distributor of non-OEM automotive parts. The company offers a diverse array of products including recycled and remanufactured mechanical parts such as engines and transmissions, which are essential for automobile repairs. Additionally, LKQ is a prominent distributor and marketer of specialty aftermarket equipment and accessories in North America.
LKQ’s footprint extends beyond North America. It is the largest distributor of mechanical and collision alternative parts in the United Kingdom and the leading distributor of mechanical parts in the Netherlands. The company also operates in Taiwan, Belgium, and France, maintaining over 570 facilities worldwide. These facilities provide customers with a wide range of replacement systems, components, equipment, and parts for automobiles, trucks, recreational, and performance vehicles.
In terms of financial performance, LKQ has shown significant growth, surpassing $5 billion in revenue as early as 2013. This growth has been fueled by both internal development and an aggressive acquisition strategy, totaling over 170 acquisitions since its formation. LKQ also purchases over 300,000 salvage automobiles annually, extracting valuable parts for resale, and owns over 70 LKQ pick-your-part junkyards globally. The company's operations encompass approximately 1,700 facilities worldwide.
Recently, LKQ has focused on both expanding its global operations and enhancing its sustainability practices. The company’s commitment to providing high-quality, cost-effective parts makes it a valuable player in the automotive industry, and its extensive network ensures that customers worldwide have access to essential vehicle components.
LKQ 's subsidiary Keystone Automotive Operations has been awarded the Channel Partner of the Year Award at the 2024 SEMA Show in Las Vegas. Additionally, Warn Industries, a segment of Keystone Automotive Operations, received the Off-Road/4-Wheel Drive Product Award in the Best New Products category. The recognition highlights Keystone's leadership in distributing SEMA product lines and RV/marine accessories, as well as their implementation of new technologies and advanced logistics systems. SEMA represents over 7,000 member companies in the specialty-automotive parts industry.
LKQ reported Q3 2024 results with revenue of $3.6 billion, a 0.5% increase year-over-year. Parts and services organic revenue decreased 2.8%, while net income declined to $191 million from $207 million in Q3 2023. The company generated $420 million in operating cash flow and returned over $200 million to shareholders through share repurchases and dividends. Due to ongoing revenue headwinds, LKQ updated its 2024 outlook, reducing organic revenue growth expectations to -2.75% to -1.75% and adjusted diluted EPS guidance to $3.38-$3.52.
LKQ announced a $1 billion increase to its stock repurchase program, bringing the total authorization to $4.5 billion and extending the program through October 25, 2026. Since October 2018, the company has repurchased approximately 62 million shares for $2.7 billion. The program allows for open market and private transaction purchases, with timing and amounts determined by management based on market conditions. Repurchased shares will be held as treasury stock.
LKQ (Nasdaq: LKQ) has announced that it will release its third quarter 2024 financial results on Thursday, October 24, 2024. The company will host a conference call and webcast on the same day at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) to discuss the results with senior management.
Investors can access the conference call by dialing (833) 470-1428 for domestic calls or (404) 975-4839 for international calls, using the conference ID: 461776. An audio webcast and accompanying slide presentation will be available on the company's website at www.lkqcorp.com in the Investor Relations section.
A replay of the conference call will be accessible via telephone and online until November 8, 2024. The telephone replay numbers are (866) 813-9403 for domestic calls and (929) 458-6194 for international calls, with conference ID: 256126.
LKQ (Nasdaq: LKQ) is hosting its 2024 Investor Day at its Antioch, Tennessee headquarters. The event will feature presentations by CEO Justin Jude, CFO Rick Galloway, and other leadership team members, focusing on the company's strategy, business overviews, and growth targets for the Wholesale – North America and Europe segments.
Key takeaways include:
- A new leadership team with operational expertise
- Refined strategic priorities centered on operational excellence
- Focus on growing market share in North America
- Leveraging scale for efficiency in Europe
- Flexible capital allocation with emphasis on shareholder returns
LKQ (Nasdaq: LKQ) has announced an Investor Day event scheduled for September 10, 2024, at its headquarters in Antioch, Tennessee. The event will run from 10:00 a.m. to 1:00 p.m. Eastern Time and will feature presentations by key leadership, including President and CEO Justin Jude and CFO Rick Galloway.
The presentations will focus on LKQ's strategy, business overviews, and growth targets for its Wholesale North America and Europe segments. While in-person attendance is by invitation only, interested parties can register to attend virtually through the company's website. A webcast and slide presentation will be available on the day of the event, with a replay accessible the following day.
LKQ reported Q2 2024 financial results with revenue of $3.7 billion, an 8% increase from Q2 2023. However, performance fell short of expectations due to lower repairable claims in North America and challenging macroeconomic conditions in Europe. Key highlights include:
- Diluted EPS of $0.70; adjusted diluted EPS of $0.98
- Operating cash flow of $213 million; free cash flow of $133 million
- $125 million in share repurchases
- $0.30 per share dividend approved for Q3 2024
The company updated its 2024 guidance, lowering expectations for organic revenue growth, EPS, and cash flow. LKQ is implementing cost-reduction measures and evaluating its portfolio to enhance shareholder value amid persistent market headwinds.
LKQ (Nasdaq: LKQ) has appointed Andrew Clarke to its Board of Directors as an independent director, effective July 22, 2024. This addition brings the board to ten members, with eight being independent. Clarke brings over 20 years of executive, operational, and financial experience in the global transportation and logistics industries.
Clarke's most recent role was as Chief Financial Officer at C.H. Robinson from 2015 to 2019, where he helped achieve $3 billion in total revenue growth and return $2 billion to shareholders. His prior experience includes serving as CEO and President at Panther Expedited Services, Inc., and CFO at Forward Air
LKQ's Chairman, Guhan Subramanian, emphasized that Clarke's appointment is part of an active board refreshment process aimed at strengthening the company's financial and operational expertise to support long-term value creation for shareholders.
LKQ (Nasdaq: LKQ) is set to release its second quarter 2024 financial results on Thursday, July 25, 2024. The company will host a conference call and webcast at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) to discuss the results with senior management. Investors can access the call by dialing (833) 470-1428 or (404) 975-4839 for international calls, using conference ID: 893094.
Both the audio webcast and the slide presentation will be available in the Investor Relations section of the company's website. A replay of the call will also be accessible by phone at (866) 813-9403 or (929) 458-6194 for international calls, requiring the conference ID: 131497. The online replay will be available until August 9, 2024.
LKQ (Nasdaq: LKQ) announced a new two-year collective bargaining agreement with the trade union Verdi, covering approximately 5,000 employees in Germany, including 730 at the Sulzbach-Rosenberg distribution center. The agreement, which expires on April 30, 2026, includes a mandatory peace obligation ending all strike activity throughout its duration. Andy Hamilton, President and Executive Managing Director of LKQ Europe, highlighted the benefits for employees, including a collectively agreed increase, inflation compensation, and enhanced trainee salaries. The agreement provides certainty for both employees and the business while recognizing employees' hard work and contribution.
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