Lkq Corp Stock Price, News & Analysis

LKQ (Nasdaq: LKQ) has announced an Investor Day event scheduled for September 10, 2024, at its headquarters in Antioch, Tennessee. The event will run from 10:00 a.m. to 1:00 p.m. Eastern Time and will feature presentations by key leadership, including President and CEO Justin Jude and CFO Rick Galloway.

The presentations will focus on LKQ's strategy, business overviews, and growth targets for its Wholesale North America and Europe segments. While in-person attendance is by invitation only, interested parties can register to attend virtually through the company's website. A webcast and slide presentation will be available on the day of the event, with a replay accessible the following day.

LKQ reported Q2 2024 financial results with revenue of $3.7 billion, an 8% increase from Q2 2023. However, performance fell short of expectations due to lower repairable claims in North America and challenging macroeconomic conditions in Europe. Key highlights include:

- Diluted EPS of $0.70; adjusted diluted EPS of $0.98
- Operating cash flow of $213 million; free cash flow of $133 million
- $125 million in share repurchases
- $0.30 per share dividend approved for Q3 2024

The company updated its 2024 guidance, lowering expectations for organic revenue growth, EPS, and cash flow. LKQ is implementing cost-reduction measures and evaluating its portfolio to enhance shareholder value amid persistent market headwinds.

LKQ (Nasdaq: LKQ) has appointed Andrew Clarke to its Board of Directors as an independent director, effective July 22, 2024. This addition brings the board to ten members, with eight being independent. Clarke brings over 20 years of executive, operational, and financial experience in the global transportation and logistics industries.

Clarke's most recent role was as Chief Financial Officer at C.H. Robinson from 2015 to 2019, where he helped achieve $3 billion in total revenue growth and return $2 billion to shareholders. His prior experience includes serving as CEO and President at Panther Expedited Services, Inc., and CFO at Forward Air

LKQ's Chairman, Guhan Subramanian, emphasized that Clarke's appointment is part of an active board refreshment process aimed at strengthening the company's financial and operational expertise to support long-term value creation for shareholders.

LKQ (Nasdaq: LKQ) is set to release its second quarter 2024 financial results on Thursday, July 25, 2024. The company will host a conference call and webcast at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) to discuss the results with senior management. Investors can access the call by dialing (833) 470-1428 or (404) 975-4839 for international calls, using conference ID: 893094.

Both the audio webcast and the slide presentation will be available in the Investor Relations section of the company's website. A replay of the call will also be accessible by phone at (866) 813-9403 or (929) 458-6194 for international calls, requiring the conference ID: 131497. The online replay will be available until August 9, 2024.

LKQ (Nasdaq: LKQ) announced a new two-year collective bargaining agreement with the trade union Verdi, covering approximately 5,000 employees in Germany, including 730 at the Sulzbach-Rosenberg distribution center. The agreement, which expires on April 30, 2026, includes a mandatory peace obligation ending all strike activity throughout its duration. Andy Hamilton, President and Executive Managing Director of LKQ Europe, highlighted the benefits for employees, including a collectively agreed increase, inflation compensation, and enhanced trainee salaries. The agreement provides certainty for both employees and the business while recognizing employees' hard work and contribution.

LKQ (Nasdaq: LKQ) has published its 2023 Global Sustainability Report, highlighting major achievements in sustainability and outlining its three-pillar strategy: delivering sustainable outcomes, people-led performance, and strong governance. Key milestones include processing 766,000 vehicles, recycling over 62,000 metric tons of scrap steel, reducing Scope 1 and 2 greenhouse gas emissions by 11.8% from the 2021 baseline, and achieving a 74 engagement score in employee surveys. The report also notes a 19.5% female representation in its workforce and $4 million in charitable donations. The goal is to create long-term value for all stakeholders.

LKQ has signed an agreement to sell Elit Polska in Poland to MEKO AB, a leading spare parts distributor in northern Europe. The deal is expected to close in the second half of 2024, pending regulatory approvals. Elit Polska generated $107 million in revenue in 2023.