Press release
LKQ Corporation Announces Results for Third Quarter 2021
Third quarter 2021 revenue of $3.3 billion (up 8.2% year-over-year)Diluted EPS1 of $0.96 (up 50.0%); adjusted diluted EPS1,2 of $1.02 (up 36.0%)Third quarter
About this update from Lkq Corporation
[{"type":"text","content":"Third quarter 2021 revenue of $3.3 billion (up 8.2% year-over-year)Diluted EPS1 of $0.96 (up 50.0%); adjusted diluted EPS1,2 of $1.02 (up 36.0%)Third quarter operating cash flow of $429 million; free cash flow2 of $384 million Net leverage decreased to 1.1x EBITDARepurchased 4.3 million shares for $219 million in the quarterFull year 2021 financial outlook raisedAnnounced inaugural quarterly dividend of $0.25 per share CHICAGO, Oct. 28, 2021 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today reported third quarter 2021 results that reflect continued strength for the Company in a number of key metrics including total revenue, segment profitability and free cash flow. \"Our operating excellence initiatives continue to drive record results for LKQ; in the quarter, we recorded the highest third quarter EPS and Segment EBITDA2 margin in the Company's history. We are particularly pleased with the results of our Europe segment, as its third quarter margin of 11.5% is the highest in over nine years. This performance validates our confidence in the 1 LKQ Europe program, the strategic initiatives that underpin it, and the capabilities of the team driving the implementation,” noted Dominick Zarcone, President and Chief Executive Officer. Third Quarter 2021 Financial Results Revenue for the third quarter of 2021 was $3.3 billion, an increase of 8.2% as compared to $3.0 billion in the third quarter of 2020, reflecting the annualization of the pandemic impact during the third quarter of 2020. For the third quarter of 2021, parts and services organic revenue increased 4.0%, while the net impact of acquisitions and divestitures increased revenue 0.5% and foreign exchange rates increased revenue 1.5%, for a total parts and services revenue increase of 6.1%. Other revenue grew 45.3% in the third quarter of 2021, driven by higher scrap steel and precious metals prices. Net income1 for the third quarter of 2021 was $284 million as compared to $193 million for the same period in 2020, an increase of 46.8%. Diluted earnings per share1 for the third quarter was $0.96 as compared to $0.64 for the same period of 2020, an increase of 50.0%. On an adjusted basis, net income1,2 in the third quarter was $300 million compared to $228 million in the same period of 2020, a 31.6% increase. Adjusted diluted earnings per share1,2 for the third quarter was $1....