LKQ Corp. has reported revenue for the second quarter of 2017 of $2.46 billion, an increase of 6.7 percent as compared to $2.30 billion in the second quarter of 2016. Income from continuing operations for the second quarter of 2017 was $150.9 million, an increase of 9.5 percent as compared to $137.8 million for the same period of 2016.
On an adjusted basis, income from continuing operations was $163.3 million, an increase of 2.1 percent as compared to the $159.9 million for the same period of 2016. Diluted earnings per share from continuing operations for the second quarter of 2017 was 49 cents, an increase of 8.9 percent as compared to the 45 cents for the same period of 2016. On an adjusted basis, diluted earnings per share from continuing operations was 53 cents in the second quarter of 2017, as compared to the 52 cents for the same period of 2016.
“We had solid operating results during the quarter,” said Dominick Zarcone, president and CEO of LKQ Corp. “We were particularly pleased to see our North American segment report an improvement in organic revenue growth for parts and services to 2.8 percent, despite the ongoing headwinds of the mild weather witnessed in the first quarter of 2017. We also delivered strong parts and services organic revenue growth during the quarter in our European segment of 4.1 percent on a reported basis and 7.1 percent on a same day basis. Additionally, our Specialty segment continued to show solid improvement in the second quarter, realizing organic growth of 5.9 percent while its segment EBITDA margins increased 80 basis points year-over-year.”
On a six-month year-to-date basis, revenue was $4.80 billion, an increase of 13.6 percent from $4.23 billion for the comparable period of 2016. Parts and services organic revenue growth for the first six months of 2017 was 4.1 percent. Income from continuing operations for the first six months of 2017 was $291.7 million, an increase of 16.7 percent as compared to $250 million for the first half of 2016. Diluted earnings per share from continuing operations was 94 cents for the first six months of 2017, reflecting a 16 percent increase as compared to 81 cents for the comparable period of 2016. On an adjusted basis, diluted earnings per share from continuing operations was $1.02 in the first six months of 2017 reflecting a 9.7 percent increase over 93 cents for the same period of 2016.
During the second quarter of 2017 LKQ acquired seven companies, including a full service salvage yard in Pennsylvania, a remanufactured transmission business in Georgia, distributors of automotive aftermarket parts in Ireland and Northern Ireland, a distributor of motorcycle parts in Italy, a paint distributor in Sweden and a specialty products business in the United Kingdom. Also in the second quarter, LKQ’s European operations opened one new branch in the United Kingdom and 12 new branches in Eastern Europe.
