LKQ Corporation (LKQ), parent company of PGW Auto Glass, reported a $3.15 billion revenue growth in the third quarter growth in the company’s latest financial results. The company reported $3.15 billion for its revenue which represents a 0.8% increase, compared to its $3.12 billion result during the same time period last year.
“Our focus on profitable revenue, margin expansion and cash conversion continued to yield positive results this quarter. Despite soft macroeconomic conditions in Europe and declining scrap prices, the company was able to generate Segment EBITDA expansion, driven by a 60-basis point improvement in our North American segment,” said Dominick Zarcone, LKQ president and CEO.
During its third quarter the company also saw it parts and services organic revenue increase by 2.3%. Meanwhile, its acquisition revenue growth was 0.8%. According to the report, LKQ’s net income for the third quarter of 2019 was $152 million, an increase of 13% year-over-year. The company saw a 10% decrease in its net income for the first nine months of 2019, according to its financial report.
Other notable highlights from LKQ’s financial report include:
- Net income from continuing operations attributable to LKQ stockholders of $152 million (up 13%), adjusted net income of $189 million (up 6%);
- Repurchasing 3.9 million shares for $101 million in the quarter, which allowed the company to pay $109 million worth in debt; and
- Updating the 2019 annual guidance report.
The chart below shows the updates LKQ has made.
|2019 Updated Guidance||2019 Previous Guidance|
|Organic revenue growth for parts & services||0.25% to 1.0%||0.5% to 2.0%|
|Net income attributable to LKQ stockholders||$526 million to $546 million||$540 million to $565 million|
|Adjusted net income attributable to LKQ stockholders||$718 million to $738 million||$718 million to $743 million|
|Diluted EPS attributable to LKQ stockholders||$1.69 to $1.76||$1.73 to $1.81|
|Adjusted diluted EPS attributable to LKQ stockholders||$2.31 to $2.37||$2.30 to $2.38|
|Cash flows from operations||$950 million to $1.0 billion||$800 million to $875 million|
|Capital expenditures||$240 million to $260 million||$225 million to $275 million|