Press release
LKQ Corporation Announces Results for Second Quarter 2022
Revenue of $3.3 billion; revenue on a constant currency basis2 of $3.5 billionParts and services organic revenue growth of 3.8% (4.2% on a per day
About this update from Lkq Corporation
[{"type":"text","content":"Revenue of $3.3 billion; revenue on a constant currency basis2 of $3.5 billionParts and services organic revenue growth of 3.8% (4.2% on a per day basis)Diluted EPS1 of $1.49 (up 47.5%); adjusted diluted EPS1,2 of $1.09 (down 3.5%)Second quarter operating cash flow of $328 million; free cash flow2 of $288 millionRepurchased 8.1 million shares for $404 million in the quarterDividend of $0.25 per share approved to be paid in the third quarter of 2022Full year 2022 guidance range updated CHICAGO, July 28, 2022 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today reported second quarter 2022 financial results. “We had a solid second quarter delivering strong organic growth, and I am extremely proud of the results the LKQ team achieved in a challenging operating environment, which included significant inflationary pressures, supply chain disruptions, and volatile commodity and currency markets. Despite these challenges, we continued to drive our strategic initiatives forward,” noted Dominick Zarcone, President and Chief Executive Officer. “As we enter the back half of the year, we are well positioned with our market leading businesses, experienced management teams, strong balance sheet, and balanced capital allocation strategy, giving us the confidence to maintain our full year 2022 guidance.” Second Quarter 2022 Financial Results Revenue for the second quarter of 2022 was $3.3 billion, a decrease of 2.7% as compared to $3.4 billion in the second quarter of 2021. On a constant currency basis2, second quarter revenue grew by 2.5% to $3.5 billion. Parts and services organic revenue increased 3.8%, while the net impact of acquisitions and divestitures decreased revenue by 1.0% and foreign exchange rates decreased revenue by 5.6%, for a total parts and services revenue decrease of 2.7%. Other revenue fell 2.9% owing to changes in commodity prices relative to the same period in 2021. Net income1 for the quarter was $420 million as compared to $305 million for the same period in 2021. Diluted earnings per share1 for the quarter was $1.49 as compared to $1.01 for the same period of 2021, an increase of 47.5%. On April 18, 2022, the Company completed the sale of PGW Auto Glass, which generated a pretax gain of $155 million ($127 million after tax), or $0.45 per share. On an adjusted basis, net income1,2 in the quarter was $307 million as c...