LKQ Corp. Updates FY23 Earnings Guidance

(RTTNews) - LKQ Corp. (LKQ) said, for full year 2023, the company now expects adjusted earnings per share in a range of $3.90 to $4.10, revised from prior guidance range of $3.90 to $4.20. Organic revenue growth for parts and services are now expected in a range of 6.0% to 7.5%, revised from previous guidance range of 6.0% to 8.0%.

Rick Galloway, CFO, said, "The Wholesale - North America and Europe segments continue to perform ahead of expectations and are mitigating softness in our Specialty segment. However, continued effects from falling commodity prices and higher interest expense are driving changes to our prior EPS guidance range."

Net income for the second quarter was $281 million compared to $420 million for the same period in 2022. Earnings per share was $1.05 compared to $1.49. On an adjusted basis, net income was $291 million compared to $307 million for the same period of 2022. Adjusted earnings per share was $1.09, flat with last year.

Revenue for the second quarter was $3.4 billion, an increase of 3.2%. Parts and services organic revenue increased 4.8%, for the quarter.

On July 25, 2023, the Board declared a quarterly cash dividend of $0.275 per share of common stock, payable on August 31, 2023, to stockholders of record at the close of business on August 17, 2023.

The company noted that the Uni-Select acquisition is on track to close on or around August 1, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.