PGW Reports Strong Second Quarter Revenue

Robert Wagman, LKQ CEO, speaking during his company's investor day in New York City earlier this year.

Robert Wagman, LKQ CEO, speaking during his company’s investor day in New York City earlier this year.

Pittsburgh Glass Works (PGW) had a strong second quarter, bringing in $210 million in revenue, Nick Zarcone, LKQ Corp.’s chief financial officer, said during a conference call today. LKQ finalized its acquisition of PGW in April of this year.

Robert Wagman, president and CEO of LKQ, pointed out that PGW secured a manufacturer renewal agreement to produce glass for a new-model launch, as well as a large agreement for the aftermarket automotive glass replacement business during the quarter.

“I am pleased with the overall earnings growth achieved in the quarter, which is partly attributable to the smooth integration of the Rhiag and PGW acquisition we completed earlier this year,” Wagman said.

LKQ Corp. reported record revenue for the second quarter of $2.45 billion, up 33.3 percent compared to $1.84 billion in the same quarter of 2015.

“Despite tough comparable periods and the carryover impact of the mild winter in North America, organic revenue growth for parts and services was a respectable 4.5 percent during the quarter, demonstrating the resiliency of our operating and diversification strategy,” Wagman noted.

For the six-month period, revenue for LKQ Corp. was $4.37 billion, up 21 percent from $3.61 billion for the same period of 2015.

For the half-year period, cash flow from operations was $355.2 million, of which $102 million was invested in capital expenditures and other long-term assets. As of June 30, the balance sheet had cash equivalents of $273 million and outstanding debt of $3.3 billion. The company’s credit facility availability was $1.1 billion.

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