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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 a robust third quarter for 2021, achieving $3.3 billion in revenue, a year-over-year increase of 8.2%. The company recorded a diluted EPS of $0.96, reflecting a 50% increase compared to the previous year. Operating cash flow was $429 million with a free cash flow of $384 million. LKQ also repurchased 4.3 million shares for $219 million and announced its first quarterly dividend of $0.25 per share. The full-year outlook has been raised, anticipating diluted EPS between $3.48 and $3.58.
LKQ Corporation (Nasdaq:LKQ) has declared its first quarterly cash dividend of $0.25 per share, scheduled for payment on December 2, 2021, to stockholders of record by the close of business on November 11, 2021. President and CEO Dominick Zarcone stated that this dividend and the ongoing stock repurchase program are vital for enhancing shareholder value. The company boasts a solid balance sheet and strong free cash flow, which support its strategic initiatives aimed at long-term growth and operational excellence.
LKQ Corporation will publish its third quarter 2021 financial results on October 28, 2021. A conference call for investors is scheduled at 8:00 a.m. ET, featuring senior management discussing the results. Investors can participate by calling (833) 236-5754, with international access via (647) 689-4182, using conference ID: 5183363#. The presentation can be streamed online at www.lkqcorp.com, and a replay will be available until November 11, 2021.
LKQ is a leading provider of alternative and specialty automotive parts with operations across North America, Europe, and Taiwan.
LKQ Corporation reported second quarter 2021 revenue of $3.4 billion, a 30.8% year-over-year increase. The diluted EPS rose to $1.01, up 159.0%, while adjusted diluted EPS reached $1.13, an increase of 113.2%. Segment EBITDA margins were strong across North America (20.8%), Specialty (14.9%), and Europe (10.7%). Operating cash flow was $411 million with free cash flow at $365 million. The company expanded its stock repurchase program by $1 billion, raising total authorization to $2 billion. The 2021 outlook was raised, anticipating diluted EPS between $3.23 and $3.43.
LKQ Corporation has authorized a $1 billion increase to its stock repurchase program, raising the total to $2 billion, effective through October 25, 2024. Since October 2018, LKQ has repurchased 25 million shares for $830 million. Executives express confidence in the company's future performance and cash flow generation. The repurchase strategy aims to enhance shareholder value, with buybacks to be executed based on market conditions and compliant with SEC regulations.
LKQ Corporation is set to release its second quarter 2021 financial results on July 29, 2021. A conference call will be held at 8:00 a.m. ET for management to discuss the results. Interested parties can join the call by dialing (833) 236-5754 for U.S. access or (647) 689-4182 internationally, using conference ID: 5091036#. The audio webcast and accompanying slides will be available on LKQ's website. Replays of the conference call will be accessible until August 12, 2021.
LKQ Corporation (Nasdaq: LKQ) has acquired Green Bean Battery, LLC, a hybrid battery reconditioner and installer, expanding its alternative parts offerings. Green Bean, founded in 2016, utilizes a proprietary process that extends the life of hybrid batteries while enhancing reliability. With operations in eight trading zones across the U.S., Green Bean reconditions batteries for major hybrid vehicles including those from Toyota and Honda. This acquisition aligns with LKQ's commitment to adapt to technological changes in the auto industry, bolstering its powertrain remanufacturing capabilities.
LKQ Corporation has received its first-time Long-Term Issuer Default Rating of ‘BBB-’ from Fitch Ratings, reflecting the company’s operational strength. This rating applies to LKQ and its subsidiary LKQ European Holdings B.V. Additionally, LKQ’s senior secured revolving credit facility and term loan, as well as senior unsecured notes issued by LKQ Europe, were assigned the same ratings. The outlook is stable. The Executive Vice President highlighted the achievement as a milestone towards enhancing financial resilience and supporting growth initiatives while maintaining a net leverage ratio of 1.4x EBITDA.
LKQ Corporation reported first quarter 2021 revenue of $3.2 billion, marking a 5.7% increase year-over-year. Diluted EPS rose 83.3% to $0.88, with adjusted diluted EPS up 64.9% to $0.94. Segment EBITDA margins improved, reaching 19.9% in North America and 9.6% in Europe. Operating cash flow surged 169% to $523 million, and free cash flow rose 220% to $481 million. The company raised its 2021 outlook for profitability and free cash flow, anticipating significant revenue growth.
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