LKQ Corporation Announces Increase to its Quarterly Dividend

Rhea-AI Summary

LKQ Corporation announces a 9% increase in quarterly cash dividend to $0.30 per share of common stock, reflecting confidence in their ability to generate robust free cash flow.

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• LKQ Corporation declares a 9% increase in quarterly cash dividend to $0.30 per share of common stock, reflecting confidence in their ability to generate robust free cash flow.

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CHICAGO, Oct. 26, 2023 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per share of common stock, payable on November 30, 2023, to stockholders of record at the close of business on November 16, 2023. This reflects a 9% increase over the prior quarterly dividend of $0.275 and is the Company’s second consecutive year of increased cash dividends paid to stockholders since its inaugural cash dividend paid on December 21, 2021.

Dominick Zarcone, President and Chief Executive Officer, commented that, “The increase in our annual dividend from $1.10 to $1.20 per share reflects the Board’s ongoing confidence in our ability to generate robust free cash flow and drive long-term value for our stockholders.”

About LKQ Corporation

LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.

Forward Looking Statements

Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act.

Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors including those identified below. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results predicted or implied by our forward-looking statements include, among others, changes in our cash position or cash requirements for other purposes, fluctuations in the price of our common stock, general market conditions, and stockholder response to the repurchase program; and other factors discussed in our filings with the SEC, including those disclosed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available on our investor relations website at lkqcorp.com and on the SEC website at sec.gov.

Contact:
Joseph P. Boutross
Vice President, Investor Relations
LKQ Corporation
(312) 621-2793
jpboutross@lkqcorp.com

FAQ

What is the dividend increase announced by LKQ Corporation?

LKQ Corporation has announced a 9% increase in quarterly cash dividend to $0.30 per share of common stock.

When is the dividend payable?

The dividend will be payable on November 30, 2023.

Who are the stockholders eligible for the dividend?

Stockholders of record at the close of business on November 16, 2023 are eligible for the dividend.

What is the significance of this dividend increase?

The dividend increase reflects the Board's confidence in LKQ Corporation's ability to generate robust free cash flow and drive long-term value for stockholders.