April 28, 2022
- Revenue of $3.3 billion (up 5.6% year-over-year)
- Parts and services organic revenue increased 6.9% (5.6% on a per day basis)
- Diluted EPS of $0.94 (up 6.8%); adjusted diluted EPS of $1.00 (up 6.4%)
- Operating cash flow of $409 million; free cash flow of $350 million
- Stock buyback program invested $144 million for 2.7 million shares in the quarter
- Dividend of $0.25 per share approved to be paid in the second quarter of 2022
- Raising 2022 organic revenue and EPS outlook
CHICAGO — LKQ Corporation (Nasdaq:LKQ) reported first quarter 2022 results that reflect year-over-year improvement in revenue and earnings per share.
“We are extremely pleased with our first quarter results, which built on the momentum from last year and are a validation of the resiliency of our operating model. I am proud of our team’s commitment to operational excellence and ability to execute on our strategic priorities. Also, I am pleased with our team’s responsiveness to the challenging macroeconomic environment by quickly taking action to mitigate supply chain and inflationary headwinds,” noted Dominick Zarcone, President and Chief Executive Officer. “Based on our strong start to the year and confidence in our competitive position, we are raising our full year revenue and EPS outlook.”
First Quarter 2022 Financial Results
Revenue for the first quarter of 2022 was $3.3 billion, an increase of 5.6% as compared to $3.2 billion in the first quarter of 2021. Parts and services organic revenue increased 6.9% (5.6% on a per day basis), while the net impact of acquisitions and divestitures increased revenue by 1.7% and foreign exchange rates decreased revenue by 2.7%, for a total parts and services revenue increase of 5.9%. Other revenue grew 2.0% driven by higher sales of other scrap metals (including aluminum) and cores and higher scrap steel prices, partially offset by lower precious metals prices.
Net income for the quarter was $269 million as compared to $266 million for the same period in 2021. Diluted earnings per share1 for the quarter was $0.94 as compared to $0.88 for the same period of 2021, an increase of 6.8%.
On an adjusted basis, net income in the quarter was $287 million as compared to $286 million for the same period of 2021. Adjusted diluted earnings per share for the quarter was $1.00 as compared to $0.94 for the same period of 2021, a 6.4% increase.
Cash Flow and Balance Sheet
Cash flow from operations and free cash flow were $409 million and $350 million, respectively, for the first quarter of 2022. As of March 31, 2022, LKQ’s balance sheet reflected total debt of $2.7 billion and net debt of $2.4 billion. Net leverage, as defined in our credit facility, was 1.3x EBITDA.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.
For additional details, including financial and supplementary data, view the full Press Release on the LKQ website.