Press release
LKQ Corporation Announces Results for First Quarter 2020
First quarter 2020 revenue of $3.0 billion (down 3.2% year-over-year)Parts and services organic revenue declined 3.5% (4.7% on a per day basis)Net income1
About this update from Lkq Corporation
[{"type":"text","content":"First quarter 2020 revenue of $3.0 billion (down 3.2% year-over-year)Parts and services organic revenue declined 3.5% (4.7% on a per day basis)Net income1 attributable to LKQ stockholders of $146 million (up 49%); adjusted net income of $176 million (flat compared to the prior year)Diluted EPS attributable to LKQ stockholders of $0.48; adjusted diluted EPS of $0.57Operating cash flow of $195 million (up 10%); free cash flow of $150 million (up 21%)Reduced borrowings by $230 millionImplemented targeted cost actions contributing to potential annualized savings run rate of over $1.0 billionApproximately $1.9 billion of liquidity as of March 31, 2020 CHICAGO, April 30, 2020 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today announced results for the first quarter ended March 31, 2020. The Company also provided an update on the impact of the coronavirus (“COVID-19”) pandemic on its business and its response designed to mitigate the impact.\n COVID-19 Update “As the COVID-19 pandemic spread rapidly across the globe during the first quarter, our number one priority was, and continues to be, the health and safety of our employees, customers, vendor partners and the communities where we operate. Our businesses got off to an excellent start in January and February, carrying the strong momentum from 2019 on all fronts and reinforcing our key priorities of profitable revenue growth, accretive margins and cash flow generation. Through February, each of our segments was in line with or ahead of our revenue and profit expectations. As the restrictions on movement of people were imposed resulting in the decline of demand for our parts across all business segments, our financial results during the second half of March deteriorated. This reduced level of demand has continued, with April revenue down approximately 40% compared to the prior year, significantly impacting our near-term financial results. We anticipate a gradual improvement in revenue and profitability as governments around the globe begin the process of lifting the restrictions on mobility and opening their economies,” stated Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation. Mr. Zarcone further commented, “To help mitigate the business disruption caused by the COVID-19 pandemic, and to position LKQ for earnings growth when the U.S. and European economie...