Press release
LKQ Corporation Announces Results for Second Quarter 2023
Revenue of $3.4 billion; parts and services organic revenue increased 4.8% (5.4% on a per day basis)Diluted EPS2 of $1.05; adjusted diluted EPS1,2 of
About this update from Lkq Corporation
[{"type":"text","content":"Revenue of $3.4 billion; parts and services organic revenue increased 4.8% (5.4% on a per day basis)Diluted EPS2 of $1.05; adjusted diluted EPS1,2 of $1.09Second quarter operating cash flow of $480 million; free cash flow1 of $414 millionDividend of $0.275 per share approved to be paid in the third quarter of 2023Completed an offering of $1.4 billion of senior unsecured notesUni-Select Inc. acquisition on track to close on or around August 1, 2023 CHICAGO, July 27, 2023 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today reported second quarter 2023 financial results. “I am pleased to report strong operational performance for the quarter despite several headwinds, which is a testament to the strength and resilience of our diversified portfolio of businesses. Our largest segments, Wholesale - North America and Europe, produced exceptional second quarter revenue growth and margins by focusing on operational excellence. These outstanding performances offset a steep year over year downturn in commodity prices impacting our Self Service segment and the decrease in demand for our Specialty segment's offerings, headwinds that will impact these segments for the balance of 2023,” noted Dominick Zarcone, President and Chief Executive Officer. “We also had excellent cash flow during the quarter. Taken as a whole, I am very pleased with the results and extremely proud of our global teams.” Second Quarter 2023 Financial Results Revenue for the second quarter of 2023 was $3.4 billion, an increase of 3.2% as compared to $3.3 billion in the second quarter of 2022. For the second quarter of 2023, parts and services organic revenue increased 4.8% (5.4% on a per day basis), foreign exchange rates increased revenue by 0.6% and the net impact of acquisitions and divestitures was flat year over year, for a total parts and services revenue increase of 5.4%. Other revenue for the second quarter of 2023 fell 23.9% primarily due to weaker commodity prices relative to the same period in 2022. Net income2 for the second quarter of 2023 was $281 million as compared to $420 million for the same period in 2022. Diluted earnings per share2 for the second quarter of 2023 was $1.05 as compared to $1.49 for the same period of 2022, a decrease of 29.5%. The Company completed the sale of PGW Auto Glass on April 18, 2022, which generated a pretax gain of $155 mil...