CHICAGO, June 21, 2024 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today announced that a new collective bargaining agreement has been agreed with the trade union Verdi. The agreement covers approximately 5,000 employees of LKQ Europe in Germany, including 730 colleagues at LKQ's SulzbachRosenberg distribution center. The collective bargaining agreement has a two-year duration, which expires on April 30, 2026. The tariff agreement includes a mandatory peace obligation, which immediately ends all strik ...

CHICAGO, May 28, 2024 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) a global leader in the circular economy, today announced the release of its 2023 Global Sustainability Report. The Report describes LKQ's role in driving sustainable success for our customers, our employees, the communities in which we operate and the global circular economy. Additionally, the report includes an enhanced and robust sustainability strategy, demonstrating our approach to managing sustainability risks across each of our op ...

Core Insights - LKQ Corporation has released its 2023 Global Sustainability Report, highlighting its commitment to sustainable practices and the circular economy [1][2] - The report outlines a three-pillar sustainability strategy focused on delivering sustainable outcomes, people-led performance, and strong governance [1] Sustainability Achievements - In 2023, LKQ processed 766,000 vehicles and recycled over 62,000 metric tons of scrap steel, 48,000 metric tons of aluminum, and 4,000 metric tons of copper [4] - The company reduced Scope 1 and Scope 2 greenhouse gas emissions globally by 11.8% compared to the 2021 baseline relative to revenue [4] - LKQ achieved an employee engagement score of 74 in its annual survey, with an 89% participation rate, moving closer to its 2025 goal of 76 [4] - The company reached 19.5% female representation in its global workforce and launched a Women's Network to support women's development, aiming for 20% representation by 2025 [4] - LKQ donated over $4 million through the LKQ Community Foundation to various charitable causes, including health services, education, environmental stewardship, and support for first responders [4]

Core Insights - LKQ's recent earnings report showed adjusted earnings of 82 cents per share for Q1 2024, missing the consensus estimate of 94 cents and declining from $1.04 in the previous year [2] - The company reported quarterly revenues of $3.7 billion, which fell short of the consensus estimate of $3.79 billion but increased from $3.35 billion year-over-year [3] Segment Performance - The Wholesale North American segment generated revenues of $1.5 billion, a 22% increase year-over-year, but missed the estimate of $1.54 billion. EBITDA for this segment was $244 million, slightly above the forecast but lower than $252 million from Q1 2023 [4] - The European segment's revenues were $1.64 billion, up 5.7% year-over-year, but also missed the estimate of $1.71 billion. EBITDA decreased to $143 million from $151 million year-over-year [5] - The Specialty segment reported revenues of $423 million, a 6.5% increase year-over-year, exceeding the projection of $401.4 million. However, EBITDA declined to $27 million from $31 million in the previous year [6] - The Self-Service segment saw revenues of $137 million, down 18.9% year-over-year, missing the prediction of $141.6 million. EBITDA was $16 million, surpassing the estimate but down from $22 million year-over-year [7] Financial Position - As of March 31, 2024, LKQ had cash and cash equivalents of $344 million, an increase from $299 million at the end of 2023. Long-term obligations rose to $4.16 billion from $3.65 billion [8] - Operating cash flow for Q1 2024 was $253 million, with positive free cash flow of $187 million. The company repurchased 0.6 million shares worth $30 million during the quarter [9] Dividend and Guidance - LKQ announced a quarterly cash dividend of 30 cents per share, payable on May 30, 2024 [10] - The company revised its full-year 2024 guidance, expecting organic revenue growth for parts and services to be between 2.5% and 4.5%, down from the previous range of 3.5% to 5.5%. Diluted EPS guidance was also lowered to a range of $3.32 to $3.62 [11] Estimate Trends - There has been a downward trend in estimates, with the consensus estimate shifting down by 6.33% recently [13] - LKQ currently holds a Zacks Rank of 3 (Hold), indicating expectations for an in-line return in the coming months [15]

CHICAGO, May 10, 2024 (GLOBE NEWSWIRE) -- LKQ Corporation (NASDAQ:LKQ) today announced that it has entered into a definitive agreement to sell Elit Polska, a Poland-based distributor of automotive parts, consumables and workshop equipment to MEKO AB ("MEKO"). The transaction is expected to be completed during the second half of 2024 and is subject to customary closing conditions and necessary regulatory approvals. Elit Polska's 2023 revenue was approximately $107 million. Justin Jude, Executive Vice Preside ...

Key TakeawaysThe S&P 500 jumped 1.2% on Tuesday, April 23, 2024, as tech stocks helped drive a second straight day of gains ahead of key earnings reports this week.Globe Life shares moved higher after the insurer reported a year-over-year gain in net operating income.Auto parts provider LKQ Corp. posted lower-than-expected first-quarter sales and profits, citing soft demand, and its shares tumbled. Major U.S. equities indexes moved higher for the second consecutive day, extending their recovery from last w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________ FORM 10-Q ____________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 001-42002 ____________________________ LKQ CORPORATION (Exact name of re ...

LKQ Corporation (LKQ) delivered adjusted earnings of 82 cents per share for first-quarter 2024, which missed the Zacks Consensus Estimate of 94 cents and decreased from $1.04 reported in the year-ago period.The aftermarket auto parts distributor registered quarterly revenues of $3.7 billion, missing the Zacks Consensus Estimate of $3.79 billion. The top line, however, grew from the year-ago level of $3.35 billion. Parts and services organic revenues decreased 0.3% year over year.Segment HighlightsIn the rep ...

LKQ (LKQ) came out with quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $0.94 per share. This compares to earnings of $1.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -12.77%. A quarter ago, it was expected that this vehicle components company would post earnings of $0.75 per share when it actually produced earnings of $0.84, delivering a surprise of 12%.Over the last four quarters, the comp ...

Financial Performance - Revenue for Q1 2024 was $3.7 billion, a 10.6% increase from $3.3 billion in Q1 2023[3] - Net income for Q1 2024 was $158 million, down 41.6% from $270 million in Q1 2023; diluted EPS decreased to $0.59 from $1.01[4] - Adjusted net income for Q1 2024 was $220 million, a decrease of 21.1% year-over-year; adjusted diluted EPS was $0.82 compared to $1.04[4] - Operating income fell to $289 million, down 20.8% from $365 million in the same period last year[25] - Net income decreased by 41.5% to $158 million compared to $270 million in Q1 2023[25] - Basic and diluted earnings per share were both $0.59, down 41.6% from $1.01 in Q1 2023[25] - Organic revenue growth for total revenue was reported at (1.1)% for Q1 2024, with total revenue growth from acquisitions at 10.9%[30] - Segment EBITDA for the total was $430 million, which is 11.6% of total revenue, down from 13.6% in the previous year[32] - Adjusted net income for the same period was $220 million, compared to $279 million in the previous year[36] - Forecasted net income for fiscal year 2024 is between $889 million and $969 million, with adjusted net income forecasted between $1,045 million and $1,125 million[37] - Diluted earnings per share for the forecasted period are expected to be between $3.32 and $3.62 reported, and $3.90 to $4.20 adjusted[37] Cash Flow and Guidance - Free cash flow for Q1 2024 was $187 million, with operating cash flow at $253 million[5] - The company maintained its adjusted EPS and free cash flow guidance despite revenue headwinds[2] - Forecasted net cash provided by operating activities for Fiscal Year 2024 is $1,350 million[41] - Forecasted free cash flow for Fiscal Year 2024 is projected to be $1,000 million[41] - Free cash flow for the three months ended March 31, 2024, was $187 million, an increase from $153 million in the previous year[38] Debt and Assets - Total debt as of March 31, 2024, was $4.3 billion, with total leverage at 2.3x EBITDA[5] - The company completed a €750 million offering of 4.125% senior notes to pay down existing debt[10] - Cash and cash equivalents increased to $344 million as of March 31, 2024, from $299 million at the end of 2023[27] - Total assets rose to $15,270 million from $15,079 million at the end of 2023[27] - Accounts payable increased to $1,840 million from $1,648 million at the end of 2023[27] Revenue Breakdown - Wholesale revenue in North America grew by 23.8% to $1,422 million, while European wholesale revenue increased by 5.7% to $1,637 million[30] - Reported revenue for Parts & Services was $3,535 million, with a revenue growth of 12.1% as reported and 11.3% at constant currency[31] - Total revenue reported was $3,703 million, reflecting a growth of 10.6% as reported and 9.8% at constant currency[31] - Gross margin decreased to 39.2% in Q1 2024 from 41.0% in Q1 2023, with gross profit increasing by $80 million[25] - The company experienced a currency impact of $27 million on reported revenue for the three months ended March 31, 2024[31] Operational Changes - The company consolidated 65 branches in Q1 2024, totaling 99 branches consolidated, leading to increased synergies from $55 million to $65 million[9] - A quarterly cash dividend of $0.30 per share was declared, payable on May 30, 2024[8] Depreciation and Adjusted Metrics - The company reported a depreciation and amortization expense of $100 million for the three months ended March 31, 2024, compared to $65 million in the previous year[33] - Adjusted EBITDA is calculated by excluding various items such as depreciation, amortization, and unusual income and expense items[40] - The conversion of Adjusted EBITDA into free cash flow is a key performance metric for the company[40] - The calculation of Adjusted EBITDA may differ from other companies, making comparisons potentially misleading[40] Guidance Adjustments - Organic revenue growth guidance for 2024 was lowered to 2.5% to 4.5% from a previous range of 3.5% to 5.5%[12]