Lkq Corp Stock Price, News & Analysis

LKQ announced the appointment of James S. Metcalf to its Board of Directors as a new independent director, effective December 11, 2024. The appointment is part of the Board's ongoing refreshment process. Additionally, Dominick Zarcone will not seek re-election and will retire from the Board at the 2025 Annual Meeting. Following these changes, the Board will comprise ten directors, with nine being independent. Chairman Guhan Subramanian highlighted Metcalf's experience as a public company CEO and board member, noting his expertise in business strategy and operational excellence will enhance the Board's capabilities.

LKQ 's subsidiary Keystone Automotive Operations has been awarded the Channel Partner of the Year Award at the 2024 SEMA Show in Las Vegas. Additionally, Warn Industries, a segment of Keystone Automotive Operations, received the Off-Road/4-Wheel Drive Product Award in the Best New Products category. The recognition highlights Keystone's leadership in distributing SEMA product lines and RV/marine accessories, as well as their implementation of new technologies and advanced logistics systems. SEMA represents over 7,000 member companies in the specialty-automotive parts industry.

LKQ reported Q3 2024 results with revenue of $3.6 billion, a 0.5% increase year-over-year. Parts and services organic revenue decreased 2.8%, while net income declined to $191 million from $207 million in Q3 2023. The company generated $420 million in operating cash flow and returned over $200 million to shareholders through share repurchases and dividends. Due to ongoing revenue headwinds, LKQ updated its 2024 outlook, reducing organic revenue growth expectations to -2.75% to -1.75% and adjusted diluted EPS guidance to $3.38-$3.52.

LKQ announced a $1 billion increase to its stock repurchase program, bringing the total authorization to $4.5 billion and extending the program through October 25, 2026. Since October 2018, the company has repurchased approximately 62 million shares for $2.7 billion. The program allows for open market and private transaction purchases, with timing and amounts determined by management based on market conditions. Repurchased shares will be held as treasury stock.

LKQ (Nasdaq: LKQ) has announced that it will release its third quarter 2024 financial results on Thursday, October 24, 2024. The company will host a conference call and webcast on the same day at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) to discuss the results with senior management.

Investors can access the conference call by dialing (833) 470-1428 for domestic calls or (404) 975-4839 for international calls, using the conference ID: 461776. An audio webcast and accompanying slide presentation will be available on the company's website at www.lkqcorp.com in the Investor Relations section.

A replay of the conference call will be accessible via telephone and online until November 8, 2024. The telephone replay numbers are (866) 813-9403 for domestic calls and (929) 458-6194 for international calls, with conference ID: 256126.

LKQ (Nasdaq: LKQ) is hosting its 2024 Investor Day at its Antioch, Tennessee headquarters. The event will feature presentations by CEO Justin Jude, CFO Rick Galloway, and other leadership team members, focusing on the company's strategy, business overviews, and growth targets for the Wholesale – North America and Europe segments.

Key takeaways include:

• A new leadership team with operational expertise
• Refined strategic priorities centered on operational excellence
• Focus on growing market share in North America
• Leveraging scale for efficiency in Europe
• Flexible capital allocation with emphasis on shareholder returns

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.