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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 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.
LKQ Corporation (Nasdaq: LKQ) is set to release its first quarter 2021 financial results on April 29, 2021. A conference call with senior management will follow at 8:00 a.m. ET to discuss these results. Investors can join the call by dialing (833) 236-5754 or (647) 689-4182 for international access, using conference ID 2377197#. The audio webcast and presentation will be available on the company's website. A replay will also be accessible through May 13, 2021.
LKQ Corporation announced that its subsidiary, LKQ European Holdings, has issued a notice for the early redemption of €750 million in Senior Notes due 2026. The redemption, set for April 1, 2021, will occur at a price of 101.813% plus accrued interest. This strategic move aims to utilize the company's strong liquidity to reduce its overall debt costs, as noted by CFO Varun Laroyia. The company will finance this through lower cost borrowings and cash reserves. The remaining €250 million senior notes due in 2028 will stay outstanding.
LKQ Corporation reported fourth quarter 2020 revenue of $2.95 billion, down 1.9% year-over-year, with annual revenue at $11.6 billion, down 7.0%. Despite this, diluted EPS increased by 28.3% to $0.59 for the quarter and 20.1% to $2.09 for the year. The company achieved record EBITDA margins in North America and strong free cash flow of $1.3 billion for the year. Looking ahead to 2021, management anticipates diluted EPS between $2.40 and $2.60 and free cash flow of at least $800 million, despite ongoing market challenges due to COVID-19.
LKQ Corporation (Nasdaq: LKQ) is set to announce its fourth quarter and full year 2020 financial results on February 18, 2021. A conference call, hosted by senior management, is scheduled for 8:00 a.m. Eastern Time, where the results will be discussed. Investors can access the call by dialing (833) 236-5754, with an international option available. Additionally, an audio webcast and presentation will be accessible on LKQ's Investor Relations website. A replay will also be available until March 4, 2021. LKQ is a prominent provider of alternative and specialty automotive parts across North America, Europe, and Taiwan.
LKQ Corporation reported a third quarter 2020 revenue of $3.0 billion, down 3.2% year-over-year. Despite this decline, net income rose by 27.4% to $193 million, with diluted EPS increasing 30.6% to $0.64. Year-to-date operating cash flow improved by 17.6% to $1.1 billion, while free cash flow surged by 28.1% to $1.0 billion. The company reduced borrowings by $256 million, achieving a net leverage of 2.0x EBITDA. The share repurchase program is set to resume in the fourth quarter of 2020, reflecting a strong balance sheet and operational efficiency.
LKQ Corporation announces a Virtual Investor Day on September 10, 2020, beginning at 9:30 a.m. Eastern time. Executive management will present, followed by a Q&A session concluding around 2:30 p.m. Eastern. Stakeholders can access the live webcast and slide presentation on the LKQ Investor Relations website. A replay will be available two hours post-presentation. LKQ Corporation is a leading provider of alternative and specialty automotive parts, operating in North America, Europe, and Taiwan.
LKQ Corporation will release its second quarter 2020 financial results on July 30, 2020, prior to market opening. A conference call is scheduled for 8:00 a.m. Eastern Time, where senior management will discuss the results. Investors can join by dialing (833) 236-5754; international participants can reach the call at (647) 689-4182, using conference ID: 3783913#. The webcast and presentation will be available on the company's website. A replay of the call will be accessible until August 13, 2020.
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