LKQ Corp., parent company of PGW Auto Glass, saw significant growth in its third quarter, according to its latest financial results. The company reported another record for revenue growth with an increase of 26.6 percent, reporting 3.12 billion dollars in total third quarter revenue. This is compared to $2.47 billion in 2017’s third quarter.
“I am pleased with the trajectory of our operational initiatives that are focused on a more balanced approach of delivering organic growth while simultaneously optimizing productivity and profitability. I am particularly pleased with the improvement in year-over-year segment EBITDA margins for our Europe and Specialty segments, Dominick Zarcone, LKQ Corp. president and CEO, says.
For the nine-month year-to-date basis, revenue was $8.88 billion, an increase of 22.1 percent from $7.27 billion for the same period in 2017.
During the same nine-month period, cash flow from operations totaled $521 million, compared to the $449 million for the same time period last year. During this year’s third quarter, approximately $172 million was invested in capital expenditures and other long term assets. Meanwhile, $199 million was used to pay down credit facility borrowings, according to the report.
“We are committed to protecting our margins, driving higher levels of free-cash flow conversion, and believe our actions will position us well for achieving higher levels of sustainable and profitable growth in the future,” Varun Laroyia, executive vice president and CFO, says.
LKQ also acquired three wholesale businesses in Europe during the quarter for a total net consideration of approximately $79 million. The company’s European operations also opened seven branches in Eastern Europe before the end of the quarter.