Press release
LKQ Corporation Announces Results for First Quarter 2023
Revenue of $3.3 billion; parts and services organic revenue growth of 7.9% (7.1% on a per day basis)Diluted EPS2 of $1.01 (up 7.4%); adjusted diluted EPS1,2
About this update from Lkq Corporation
[{"type":"text","content":"Revenue of $3.3 billion; parts and services organic revenue growth of 7.9% (7.1% on a per day basis)Diluted EPS2 of $1.01 (up 7.4%); adjusted diluted EPS1,2 of $1.04 (up 4.0%)Negative effect of $0.05 ($0.04 on an adjusted basis) resulting from increased interest rates and related expenseOperating cash flow of $223 million; free cash flow1 of $153 millionDividend of $0.275 per share approved to be paid in the second quarter of 20232023 guidance reiteratedEntered definitive agreement to acquire Uni-Select Inc. CHICAGO, April 27, 2023 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today reported first quarter 2023 financial results. “Overall, the first quarter was a terrific start to the year, and we remain on track to deliver on our full year guidance. Our two largest segments, Wholesale - North America and Europe, exceeded our expectations in the quarter as our teams continue to embrace operational excellence and execute our key initiatives. Our Wholesale - North America segment delivered its highest first quarter parts and services organic revenue growth rate and quarterly Segment EBITDA margin on record, at 14.4% and 20.5%, respectively. I am also pleased with our Europe segment reporting organic revenue growth of 9.7% and Segment EBITDA margin of 9.7%, the latter reflecting a year-over-year improvement of 90 basis points and the best first quarter performance since 2016 when it was a much smaller operation,” noted Dominick Zarcone, President and Chief Executive Officer. “We are excited about the balance of the year and the pending acquisition of Uni-Select to strengthen our existing LKQ operations.” First Quarter 2023 Financial Results Revenue was $3.3 billion in the first quarter of both 2023 and 2022. For the first quarter of 2023, parts and services organic revenue increased 7.9% (7.1% on a per day basis), while the net impact of acquisitions and divestitures decreased revenue by 3.3% and foreign exchange rates decreased revenue by 3.0%, for a total parts and services revenue increase of 1.5%. Other revenue fell 19.2% in the first quarter of 2023 primarily due to weaker commodity prices relative to the same period in 2022. Net income2 for the first quarter of 2023 was $270 million as compared to $269 million for the same period in 2022. Diluted earnings per share2 for the quarter was $1.01 as compared to $0.94 for the sam...