Press release
LKQ Corporation Announces Results for Third Quarter 2022
Revenue of $3.1 billion; revenue on a constant currency basis1 of $3.3 billionParts and services organic revenue growth of 4.8% (5.3% on a per day
About this update from Lkq Corporation
[{"type":"text","content":"Revenue of $3.1 billion; revenue on a constant currency basis1 of $3.3 billionParts and services organic revenue growth of 4.8% (5.3% on a per day basis)Diluted EPS2 of $0.95 (down 1.0%); adjusted diluted EPS1,2 of $0.97 (down 4.9%)Third quarter operating cash flow of $273 million; free cash flow1 of $224 millionDeployed $343 million in the quarter to repurchase 6.8 million sharesStock repurchase program expanded by a further $1 billion through October 2025Dividend increased by 10%; $0.275 per share approved to be paid in the fourth quarter of 2022Full year 2022 guidance range updated CHICAGO, Oct. 27, 2022 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) today reported third quarter 2022 financial results. “We are pleased with our third quarter results as they once again highlight our ongoing ability to combine best-in-class customer service with operational excellence. Our strong same day organic revenue growth and segment EBITDA margins in Wholesale - North America and Europe demonstrate our ability to serve our stakeholders in any environment,” noted Dominick Zarcone, President and Chief Executive Officer. “I want to thank our global teams for delivering another quarter of strong performance in a challenging macro environment, including commodities and foreign exchange volatility as well as other inflationary pressures that impacted our reported earnings. Additionally, we remain committed to returning capital to our stockholders, as evidenced by the 10% increase of the quarterly dividend and the expansion of our stock repurchase program.” Third Quarter 2022 Financial Results Revenue for the third quarter of 2022 was $3.1 billion, a decrease of 5.9% as compared to $3.3 billion in the third quarter of 2021. On a constant currency basis1, third quarter revenue grew by 1.0% to $3.3 billion. Parts and services organic revenue increased 4.8% on a reported basis (5.3% on a per day basis), while the net impact of acquisitions and divestitures decreased revenue by 2.3% and foreign exchange rates decreased revenue by 7.4%, for a total parts and services revenue decrease of 5.0%. Other revenue fell 17.4% primarily due to weaker commodity prices relative to the same period in 2021. Net income2 for the quarter was $261 million as compared to $284 million for the same period in 2021. Diluted earnings per share2 for the quarter was $0.95 a...