(Reuters) -Swiss sneaker brand On Holding said on Tuesday its chief operating officer, Sam Wenger, is stepping down at the end of the year after eight years in the role. Scott Maguire, currently chief innovation officer, will assume the expanded role of chief innovation and operations officer starting January 1, 2026, the Roger Federer-backed company said in a statement. Wenger will remain with the company until the end of the first quarter of 2026, it added. Maguire, who joined On in 2025, had previous ...

Core Insights - LKQ reported a decline in adjusted earnings per share and revenue for Q2 2025, with adjusted diluted EPS at $0.87, missing the consensus estimate of $0.92, and revenue at $3.64 billion, down 1.9% year-over-year [1][2] - Management described the quarter as challenging due to persistent demand softness and shrinking margins, leading to a downward revision of full-year 2025 earnings and revenue guidance [1][10] Financial Performance - Adjusted EPS decreased by 11.2% from $0.98 in Q2 2024 to $0.87 in Q2 2025 [2] - Revenue fell from $3.71 billion in Q2 2024 to $3.64 billion in Q2 2025, a decline of 1.9% [2] - Net income increased by 3.8% year-over-year to $192 million [2] - Free cash flow surged by 82.7% to $243 million compared to $133 million in Q2 2024 [2] - Segment EBITDA declined by 11.2% to $430 million from $484 million in Q2 2024 [2] Business Overview and Strategy - LKQ specializes in alternative and specialty automotive parts, including recycled, aftermarket, and remanufactured parts, operating across North America and Europe [3] - The company is focusing on capturing market share, driving operational efficiency, simplifying its business portfolio, and strengthening its balance sheet [4] Market Conditions and Operational Developments - Organic parts and services revenue declined by 3.4% in Q2 2025, attributed to a reduced number of repairable insurance claims in North America, which were down 9% [5] - Sales in Europe fell by 1.9% year-over-year, with organic revenue declining by 4.9% [5] - Segment EBITDA margins contracted across most segments, with North America at 15.8%, Europe at 9.4%, and Specialty at 8.5% [6] Cost Management and Shareholder Returns - Selling, general, and administrative expenses rose by 2.3%, now representing 27.4% of sales [6] - The company has implemented cost reduction actions totaling over $125 million in the past 12 months, with an additional $75 million targeted for 2025 [6] - Shareholder returns included $39 million in share repurchases and $78 million in dividends during Q2 2025 [7] Future Outlook - Management revised FY2025 guidance downward, projecting organic revenue growth in parts and services to be between -3.5% and -1.5% [10] - New GAAP diluted EPS guidance is set at $2.47–$2.77, down from $2.91–$3.21 [10] - Expected free cash flow for FY2025 is now projected to be between $600 million and $750 million [10]