Press release
LKQ Corporation Announces Results for Second Quarter 2024
Revenue of $3.7 billion (an 8% increase compared to the same period in 2023)Diluted EPS2 of $0.70; adjusted diluted EPS1,2 of $0.98Second quarter operating
About this update from Lkq Corporation
[{"type":"text","content":"Revenue of $3.7 billion (an 8% increase compared to the same period in 2023)Diluted EPS2 of $0.70; adjusted diluted EPS1,2 of $0.98Second quarter operating cash flow of $213 million; free cash flow1 of $133 millionRepurchased $125 million of LKQ sharesDividend of $0.30 per share approved to be paid in the third quarter of 2024Annual guidance updated CHICAGO, July 25, 2024 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today reported second quarter 2024 financial results. “Our second quarter performance did not meet expectations as lower repairable claims in North America and difficult macroeconomic conditions in Europe led to declines in overall volumes. In light of soft demand, our teams acted with agility and decisiveness to address our cost structure and protect our margins,” noted Justin Jude, President and Chief Executive Officer. Mr. Jude further stated: “We believe current market headwinds are temporary in nature but expect them to persist for the balance of the year. As we look ahead, we will continue to prioritize our strategic pillars of profitable revenue growth, margin enhancement and cash flow generation, while enhancing our operational excellence focus to maximize our performance. Guided by our strategic pillars, we will continue to evaluate our portfolio to determine if we are the right owners of our various businesses, and we have placed a pause on any large-scale acquisitions and have raised the bar for approving tuck-in acquisitions. I am confident that these actions, combined with a capital allocation policy that will prioritize returning value to shareholders while maintaining our investment grade status, will enhance shareholder value to reflect LKQ’s unique strengths and market leading positions in our core segments.” Second Quarter 2024 Financial Results Revenue for the second quarter of 2024 was $3.7 billion, an increase of 7.6% compared to $3.4 billion for the second quarter of 2023. For the second quarter of 2024, parts and services organic revenue decreased 2.1% (2.9% decrease on a per day basis), the net impact of acquisitions and divestitures increased revenue by 11.8%, and foreign exchange rates decreased revenue by 0.6% year over year, for a total parts and services revenue increase of 9.0%. Other revenue for the second quarter of 2024 fell 16.2% primarily due to weaker precious metals prices an...