LKQ Corporation reported record revenue growth of $2.34 billion in its financial results for the first quarter of 2017. This is an increase of 21.9 percent, in contrast to the first quarter of 2016, where the company made $1.92 billion.
LKQ reported income from continuing operations for the first quarter of 2017 was $140.8 million, an increase of 25.5 percent in contrast to $112.2 million for the first quarter of 2016. The company also reported that diluted earnings per share from continuing operations for the first quarter of 2017 was $0.45, an increase from last year’s $0.36. Meanwhile, the company’s parts and services operations had an organic growth revenue of 4.5 percent.
The report notes that earnings from the sale of PGW’s automotive glass manufacturing business to Vitro, S.A.B, first announced in December, will be put towards debt.
Additionally, the report mentions LKQ’s acquisition of Michigan and Swedish businesses that sell aftermarket and recycled parts, as well as a specialty products business in Pennsylvania. LKQ’s Rhiag operations, which it purchased in 2016, opened 12 new Elit and Auto Kelly locations in Eastern Europe.
“I am proud of our ability to deliver excellent top line and bottom line growth, achieving record revenue and earnings in the first quarter of 2017,” said Robert Wagman, president and CEO of LKQ Corporation. “I am particularly pleased with the margin improvement in the quarter, notably North America which increased Segment EBITDA margin by 210 basis points sequentially and 110 basis points year-over-year. Global revenue growth in parts and services was a strong 24.5 percent on a constant currency basis. Also, despite the mild weather we again faced in North America during the first quarter, global organic revenue growth for parts and services was 4.5 percent, consistent with our annual guidance,” he added.