Financial
AAM Reports Q1 2022 Financial Results
The company, which reported net sales of $1.44 billion, says it is focusing on managing factors within its control, while experiencing unprecedented supply chain volatility.
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The company, which reported net sales of $1.44 billion, says it is focusing on managing factors within its control, while experiencing unprecedented supply chain volatility.
This is the ninth consecutive quarter of year-over-year sales growth for the online auto parts retailer.
The company also reports that its pending acquisition by Apollo Funds is on track for the second half of 2022.
Net sales were $322.8M, compared to consolidated net sales of $276.6M during the comparable quarter in 2021.
The company also announced an executive leadership transition in May.
Parts and services organic revenue increased 6.9% (5.6% on a per day basis), the company says.
Revenue increased 42% versus the prior year, driven by same-store sales and net store growth.
For the first quarter of 2022, the company reported net sales of $468.3 million, compared to net sales of $483.7 million in the first quarter of 2021.
The IPO is expected to commence after the completion of the SEC review process, subject to market and other conditions.
This rating is further validation of LKQ's Operational Excellence program launched in 2019, said Varun Laroyia, LKQ EVP and CFO.
