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 Corporation reported second quarter 2022 revenue of $3.3 billion, down 2.7% from the previous year. On a constant currency basis, revenue rose to $3.5 billion, with organic revenue growth of 3.8%. The net income was $420 million, marking a 47.5% increase, while diluted EPS was $1.49. The company repurchased 8.1 million shares for $404 million in the quarter and declared a dividend of $0.25 per share for September. Full year 2022 guidance has been updated to expect diluted EPS between $4.09 and $4.29.
LKQ Corporation (Nasdaq: LKQ) is set to release its second quarter 2022 financial results on July 28, 2022. The company will conduct a conference call at 8:00 a.m. Eastern Time to discuss these results, accessible via dial-in or an audio webcast. A replay of the call will be available through August 12, 2022. LKQ is a prominent provider of alternative and specialty parts for automobiles and operates across North America, Europe, and Taiwan, offering a wide range of parts and services for vehicle repairs and accessories.
LKQ Corporation (Nasdaq: LKQ) announced an upgrade to a Baa3 Issuer Rating from Moody's Investors Service, marking it as an investment grade. The rating change applies to LKQ European Holdings B.V. and LKQ Italia Bondco S.p.A.'s senior unsecured notes, reflecting the effectiveness of LKQ's operational strategy and business model. This upgrade results in a Covenant Suspension Event, relieving LKQ from certain restrictive covenants under the indentures governing the Notes. The overall outlook remains stable, reinforcing LKQ's market position.
LKQ has been recognized as a “3+” company by 50/50 Women on Boards™ for having three or more women on its corporate board of directors, constituting 27% of board seats. This positive representation supports increased profitability, productivity, and workplace engagement. Dominick Zarcone, CEO, highlighted that 36% of the board comprises individuals from underrepresented groups, emphasizing a commitment to maintaining this diversity. The recognition reflects the growing trend among investors to value diverse boards for their potential business benefits.
LKQ Corporation has authorized a $500 million increase to its stock repurchase program, raising total program authorization to $2.5 billion through October 25, 2024. Since launching the program in October 2018, LKQ has repurchased 37.3 million shares for approximately $1.5 billion. The company's CFO cited strong balance sheet strength and free cash flow expectations as reasons for this expansion. This buyback initiative aims to boost shareholder value while balancing growth investments.
LKQ Corporation (Nasdaq: LKQ) will host an Investor Day on June 1, 2022, at its Nashville, Tennessee headquarters, starting at 10:00 a.m. Eastern time. Executive management will present, followed by a question and answer session concluding around 1:15 p.m. Eastern time. The event will be webcasted, with access through the Investor Relations section on www.lkqcorp.com, and a replay available the next day. LKQ Corporation is a leading provider of automotive parts across North America, Europe, and Taiwan.
LKQ Corporation reported first quarter 2022 revenue of $3.3 billion, a 5.6% year-over-year increase. Parts and services organic revenue grew by 6.9%. Diluted EPS reached $0.94, up 6.8%, with an adjusted EPS of $1.00, increasing 6.4%. Operating cash flow was $409 million and free cash flow stood at $350 million. The company initiated a $144 million stock buyback and declared a $0.25 dividend payable in June 2022. LKQ raised its 2022 organic revenue growth outlook to 4.5% to 6.5% and updated diluted EPS to $3.57 to $3.87.
On April 20, 2022, LKQ Corporation (Nasdaq: LKQ) announced the completion of its sale of PGW Auto Glass to One Equity Partners for $362 million, with adjustments post-closing. PGW generated nearly $400 million in revenue in 2021, boasting a 10% EBITDA margin. The financial results for PGW will be reflected in LKQ's continuing operations until the April 18 closing date. BofA Securities served as financial advisor for this transaction.
LKQ Corporation's credit rating has been upgraded by S&P Global Ratings to 'BBB-' from 'BB+', reflecting its operational success and enhanced financial stability. This upgrade reduces collateral requirements on its senior secured revolving credit facility, allowing for increased free cash flow, enhancing capital allocation opportunities for growth and shareholder returns. The outlook remains stable, indicating confidence in continued performance.
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