Press release
LKQ Corporation Announces Results for Third Quarter 2020
Third quarter 2020 revenue of $3.0 billion (down 3.2% year-over-year) Parts and services organic revenue declined 4.5% year-over-yearNet income¹ of $193
About this update from Lkq Corporation
[{"type":"text","content":"Third quarter 2020 revenue of $3.0 billion (down 3.2% year-over-year) Parts and services organic revenue declined 4.5% year-over-yearNet income¹ of $193 million (up 27.4%); adjusted net income of $228 million (up 20.9%)Targeted cost and productivity actions continue to contribute to operating leverageDiluted EPS¹ of $0.64 (up 30.6%); adjusted diluted EPS of $0.75 (up 23.0%)Year-to-date 2020 operating cash flow of $1.1 billion (up 17.6%); free cash flow of $1.0 billion (up 28.1%)Reduced borrowings by $256 million; year-to-date debt paydown of $1.0 billionNet leverage down to 2.0x EBITDALiquidity up to $2.7 billion as of September 30, 2020 Share repurchase program to recommence in the fourth quarter 2020 CHICAGO, Oct. 29, 2020 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today reported third quarter 2020 results that reflect continued improvement in revenue trends, operational and balance sheet productivity, and further debt reduction.\n “We delivered exceptionally strong third quarter results owing to the resilience and dedication of the entire LKQ organization. I couldn’t be prouder of what our global team accomplished during these unprecedented times,” noted Dominick Zarcone, President and Chief Executive Officer. “Facing a continued challenging demand environment, our team maintained their sharp focus on the cost structure, and we achieved the highest quarterly earnings in the Company’s history and delivered year-over-year margin improvements in each of our operating segments, with North America also achieving its highest level of segment EBITDA margin in the Company’s history. Additionally, year-to-date we have generated over $1.0 billion in global free cash flow. These metrics validate the continued focus of our team on our key operating initiatives of profitable revenue growth, enhanced margins and free cash flow generation.” Third Quarter 2020 Financial Results Revenue for the third quarter of 2020 was $3.0 billion, a decrease of 3.2% as compared to $3.1 billion in the third quarter of 2019. For the third quarter of 2020, parts and services organic revenue decreased 4.5% year-over-year, while the net impact of acquisition and divestitures revenue was (1.0%) and foreign exchange rates was 2.1%, for a total parts and services revenue decline of 3.4%. Net income for the third quarter of 2020 was $193 million as compared ...