Press release
LKQ Corporation Announces $500 Million Increase in Stock Repurchase Program; Total Authorized Now $1 Billion
CHICAGO, Oct. 31, 2019 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today announced that its Board of Directors has authorized a $500 million increase and
About this update from Lkq Corporation
[{"type":"text","content":"CHICAGO, Oct. 31, 2019 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today announced that its Board of Directors has authorized a $500 million increase and a one year extension to its stock repurchase program, raising the aggregate authorization under the program to $1 billion and authorizing repurchases through October 25, 2022. Since the Company implemented the stock repurchase program in October 2018, the Company has repurchased approximately 13.2 million shares of the Company's common stock for approximately $352 million. At September 30, 2019, the Company had 306 million shares of common stock outstanding.\n Varun Laroyia, Executive Vice President and Chief Financial Officer of LKQ Corporation, stated: \"The increase in our Stock Repurchase Program emphasizes the confidence that management and the Board of Directors have in the Company's operational strategy and prospects for the future. Our strong balance sheet and healthy cash flow position afford us the opportunity to continue investing in our strategic growth and deleverage the balance sheet while simultaneously utilizing a share repurchase program to maintain a balanced capital allocation strategy.” Under the repurchase program, the Company is authorized to repurchase shares in the open market as well as in privately negotiated transactions. The timing and the amount of any repurchases of common stock will be determined by LKQ management based on its evaluation of market conditions and other factors. The repurchase program will be effected in compliance with SEC Rule 10b-18 and other applicable legal requirements. The repurchase program does not obligate the Company to acquire any specific number of shares and may be suspended or discontinued at any time. Stock purchased as part of this program will be held as treasury stock. 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 replacement systems, components, equipment and parts 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 ...