LKQ CORPORATION ANNOUNCES RESULTS FOR FOURTH QUARTER AND FULL YEAR 2016
•Annual revenue growth of 19.3% to $8.58 billion
•Annual organic revenue growth for parts and services of 4.8%
•Annual net income growth of 9.6% to $464 million
•Annual diluted EPS of $1.50; adjusted diluted EPS of $1.80
•Fourth quarter 2016 diluted EPS of $0.28; adjusted diluted EPS of $0.39
•2017 annual guidance provided
Chicago, IL (February 23, 2017) - LKQ Corporation (Nasdaq:LKQ) today announced results for its fourth quarter and full year ended December 31, 2016. Net income for the fourth quarter of 2016 was $86.3 million, a decrease of 9.2% as compared to $95.1 million for the same period of 2015. Diluted earnings per share for the fourth quarter of 2016 was $0.28, a decrease of 9.7% as compared to $0.31 for the same period of 2015. On an adjusted basis, diluted earnings per share was $0.39, an increase of 14.7% as compared to $0.34 for the same period of 2015. Net income for full year 2016 was $464.0 million, an increase of 9.6% as compared to $423.2 million for the same period of 2015. Diluted earnings per share for full year 2016 was $1.50, an increase of 8.7% as compared to $1.38 for the same period of 2015. On an adjusted basis, diluted earnings per share was $1.80, an increase of 20.8% as compared to $1.49 for the same period of 2015.
On December 19, 2016, we announced the pending sale of our OEM glass manufacturing business to a subsidiary of Vitro S.A.B. de C.V. The results of our OEM glass manufacturing business are reported in discontinued operations for 2016. Although these amounts are not reflected in the continuing operations results, for the fourth quarter and full year of 2016, the OEM glass manufacturing business generated $173 million and $498 million of revenue, respectively. Our diluted earnings per share from continuing operations in the fourth quarter and full year of 2016 were $0.31 and $1.47, respectively, while the corresponding adjusted figures for 2016 were $0.35 and $1.69, respectively.
See the reconciliation of net income and its components and diluted earnings per share to adjusted net income and its components and adjusted diluted earnings per share included with this press release.
“In 2016, the Company achieved some major milestones, including surpassing $8 billion in annual revenue, achieving over $1 billion in annual Segment EBITDA for the first time, and expanding our global footprint, that today stands at 26 countries. I am particularly pleased that, despite the headwinds of a mild winter and its subsequent impact on organic growth, Wholesale-North America achieved its highest annual margin levels in the last five years. These results are a testament to the hard work and dedication of our 40,000 plus employees,” stated Robert Wagman, President and Chief Executive Officer of LKQ Corporation. “Parts and services organic revenue growth in the fourth quarter of 2016 was 3.8%, but the Company achieved organic growth of 5.2% on a same day basis, including 3.0% in North America, after adjusting for differences in selling days between the fourth quarter this year and last year. These growth rates are consistent with the 4.8% and 2.9% we achieved company-wide and in North America, respectively, for the full year.”
The following information was filed by Lkq Corp (LKQ) on Thursday, February 23, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.