Press release
LKQ Corporation Announces Results for Third Quarter 2024
Revenue of $3.6 billion (a 0.5% increase compared to the same period in 2023)Diluted EPS2 of $0.73; adjusted diluted EPS1,2 of $0.88Third quarter operating
About this update from Lkq Corporation
[{"type":"text","content":"Revenue of $3.6 billion (a 0.5% increase compared to the same period in 2023)Diluted EPS2 of $0.73; adjusted diluted EPS1,2 of $0.88Third quarter operating cash flow of $420 million; free cash flow1 of $341 millionRepurchased $125 million of LKQ shares$1 billion increase to stock repurchase program announced, raising the aggregate authorization to $4.5 billion through October 25, 2026Dividend of $0.30 per share approved to be paid in the fourth quarter of 2024 ANTIOCH, Tenn., Oct. 24, 2024 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today reported third quarter 2024 financial results. “Our third quarter results reflect softer overall volumes, which underscore the importance of executing on our strategic transformation discussed at our September investor day. Our focus on managing our operating expenses is critically important, especially in a period when the top line is facing uncontrollable market headwinds. The agility of the LKQ team was again validated by the growth witnessed in adjusted diluted earnings per share and overall Segment EBITDA margin relative to the prior year. We remain confident in the long-term earnings potential of our businesses as we navigate short-term industry dynamics and a difficult macro-economic environment that will continue to affect the business in the fourth quarter,” noted Justin Jude, President and Chief Executive Officer. Third Quarter 2024 Financial Results Revenue for the third quarter of 2024 was $3.6 billion, an increase of 0.5% compared to $3.6 billion for the third quarter of 2023. Parts and services organic revenue decreased 2.8% (4.3% decrease on a per day basis), the net impact of acquisitions and divestitures increased revenue by 3.1%, and foreign exchange rates increased revenue by 0.4% year over year, for a total parts and services revenue increase of 0.6%. Other revenue fell 2.2% primarily due to lower commodities prices and volumes relative to the same period in 2023. Net income2 was $191 million compared to $207 million for the same period of 2023. Diluted earnings per share2 was $0.73 compared to $0.77 for the same period of 2023, a decrease of 5.2%. On an adjusted basis, net income1,2 was $230 million compared to $231 million for the same period of 2023, a decrease of 0.3%. Adjusted diluted earnings per share1,2 was $0.88 compared to $0.86 for the same period of 2023, a...