LKQ Corp. Reports Record Q2 Revenue
LKQ Corp., Keystone Automotive Operations‘ holding group, reported record revenue for the second quarter of 2018. The company’s revenue reached $3.03 billion during the quarter, an increase of 23.3 percent compared to $2.46 billion in the same quarter last year. For the second quarter of 2018, parts and services organic revenue growth was 7.2 percent and acquisition revenue growth was 12.7 percent, while the impact of exchange rates was 2.9 percent, for total parts and services revenue growth of 22.8 percent, according to LKQ Corp.
Net income attributable to LKQ stockholders for the second quarter of 2018 was $157 million, up 4 percent year-over-year. On an adjusted basis, net income attributable to LKQ stockholders was $192 million, an increase of 17.6 percent as compared to the $163 million for the same period of 2017. Diluted earnings per share attributable to LKQ stockholders for the second quarter of 2018 was $0.50 as compared to $0.49 for the same period of 2017, an increase of 2 percent.
“I am very pleased with the 7.2 percent organic parts and services revenue growth we achieved in the quarter as it reflects a sequential organic revenue growth rate improvement in each of our North American, European and specialty segments, which witnessed organic parts and services growth of 7.4 percent, 8.3 percent and 4.1 percent, respectively,” said Dominick Zarcone, president and CEO of LKQ Corp. “This growth reflected a reversal of some of the transitory items noted in our commentary in the first quarter of 2018, as well as better than expected performance in each business. I am particularly proud of the ability of our European teams to address the challenges we faced in the first quarter and deliver a 130 basis point improvement in sequential Segment EBITDA margin.”
On a six month year-to-date basis, revenue was $5.75 billion, an increase of 19.8 percent from $4.8 billion for the comparable period of 2017. Parts and services organic revenue growth for the first six months of 2018 was 5.5 percent. Net income from continuing operations attributable to LKQ stockholders for the first six months of 2018 was $310 million, an increase of 6.3 percent as compared to $292 million for the first half of 2017. Diluted earnings per share from continuing operations attributable to LKQ stockholders for the first six months of 2018 was $0.99, an increase of 5.3 percent as compared to $0.94 for the same period of 2017.
