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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 Corporation reported first quarter 2023 revenue of $3.3 billion, maintaining last year's figures, with organic revenue growth of 7.9%. The company achieved a diluted EPS of $1.01, a 7.4% increase year-over-year. Adjusted diluted EPS rose by 4.0% to $1.04, despite a $0.05 negative impact from increased interest rates. Operating cash flow was $223 million, while free cash flow stood at $153 million. The board approved a $0.275 dividend per share for June 2023. The company reiterated its 2023 guidance of 6% to 8% organic revenue growth and $3.68 to $3.98 diluted EPS. Additionally, LKQ is set to acquire Uni-Select Inc. for approximately $2.1 billion, enhancing its North American operations.
LKQ Corporation will announce its Q1 2023 financial results on April 27, 2023. A conference call is scheduled for 8:00 a.m. Eastern Time, where senior management will discuss the results.
Investors can access the call at (888) 330-3494, or internationally at (646) 960-0860, using conference ID: 5232422#. Additionally, an audio webcast with presentation materials will be available at www.lkqcorp.com. Replays of the call will be accessible through May 12, 2023.
LKQ is a prominent provider of alternative and specialty automotive parts across North America, Europe, and Taiwan.
LKQ Corporation has announced its acquisition of Uni-Select Inc. for C$48.00 per share, totaling approximately C$2.8 billion (US$2.1 billion). This acquisition, expected to close in the second half of 2023, represents a 19.2% premium to Uni-Select's stock price as of February 24, 2023. The deal is seen as a strategic fit, enhancing LKQ’s existing distribution business and expected to generate around US$55 million in annual cost synergies. The transaction will be funded through cash and new debt, maintaining LKQ's commitment to investment-grade ratings. Uni-Select's board unanimously recommends the deal, highlighting value and liquidity for shareholders.
LKQ Corporation reported fourth quarter 2022 revenue of $3.0 billion, down 5.8% from the previous year. Parts and services organic revenue grew 4.5% while net income fell to $193 million, an 11.1% decrease.
Fourth quarter diluted EPS was $0.72, adjusted diluted EPS at $0.78. Annual revenue totaled $12.8 billion, down 2.3%. Annual diluted EPS increased 12.3% to $4.11. The company approved a $0.275 dividend and repurchased 20.5 million shares for $1.04 billion.
In 2023, LKQ anticipates 6.0% to 8.0% organic revenue growth and diluted EPS between $3.68 and $3.98.
LKQ Corporation (Nasdaq: LKQ) will release its fourth quarter and full year 2022 financial results on February 23, 2023.
The company will host a conference call at 8:00 a.m. Eastern Time to discuss the results, accessible by phone or via a webcast at their website. Replays will be available post-presentation until March 10, 2023.
LKQ specializes in providing alternative and specialty parts for vehicles, operating in North America, Europe, and Taiwan.
On November 29, 2022, LKQ Corporation announced its second annual ‘LKQ Cares Holiday Vote’ program, starting on Giving Tuesday and running until December 5, 2022. The company has committed $1 million to charitable organizations, doubling last year's contribution. Each of the ten selected organizations will receive an initial $50,000 donation, with the remaining funds allocated based on votes from stakeholders. The donations are expected to be finalized by January 2023. This initiative highlights LKQ's commitment to community engagement and philanthropic efforts.
LKQ reported third-quarter 2022 revenue of $3.1 billion, down 5.9% from the previous year, though constant currency revenue rose to $3.3 billion, reflecting a 1.0% increase. Organic revenue growth in parts and services was 4.8%. Diluted EPS fell 1.0% to $0.95, while adjusted diluted EPS decreased 4.9% to $0.97. Operating cash flow was $273 million and free cash flow was $224 million. The company repurchased 6.8 million shares for $343 million and increased the dividend by 10%. Full-year guidance was updated to reflect current market challenges.
LKQ Corporation has announced a quarterly cash dividend of $0.275 per share, marking a 10% increase from the previous $0.25. This dividend will be paid on December 1, 2022, to stockholders recorded by November 17, 2022. Additionally, the Board authorized a $1 billion increase and a one-year extension of its stock repurchase program, raising the total authorization to $3.5 billion until October 25, 2025. Since 2018, LKQ has repurchased 52 million shares for $2.2 billion.
LKQ Corporation (Nasdaq: LKQ) will announce its third quarter 2022 financial results on October 27, 2022. A conference call hosted by senior management will occur at 8:00 a.m. Eastern Time, where participants can access the call by dialing (888) 330-3494 in the U.S. International callers can join at (646) 960-0860. The call's conference ID is 5232422#. An audio webcast and presentation will be available on their Investor Relations website. A replay will be accessible via phone and online through November 11, 2022.
LKQ Corporation has appointed Varun Laroyia as the new CEO and Managing Director of LKQ Europe, succeeding Arnd Franz, who is departing for Mahle Group. Rick Galloway has been named Senior Vice President and CFO of LKQ. Laroyia, previously CFO, will focus on enhancing LKQ Europe's competitive position and achieving financial targets. Galloway, who contributed to record EBITDA margins in North America, aims to further drive financial initiatives. Both appointments emphasize LKQ's commitment to talent development and strategic execution.
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