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Lkq Corp (LKQ) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Lkq Corp

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CIK: 1065696 Ticker: LKQ
Exhibit 99.1

lkqpressreleaseimage.jpg

LKQ CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 2019

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Revenue growth of 14% to $3.1 billion
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Organic revenue growth for parts and services of 0.1%; 1.3% on a per day basis
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Non-cash impairment charges of $52 million including assets held for sale
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Net income attributable to LKQ stockholders of $98 million (down 36%); adjusted net income of $176 million (up 4%)
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Diluted EPS attributable to LKQ stockholders of $0.31; adjusted diluted EPS of $0.56
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Operating cash flow of $177 million (up 22%); free cash flow of $124 million (up 50%)
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Repurchased 2.6 million shares for $70 million; paid down $60 million of debt

Chicago, IL (April 25, 2019) -- LKQ Corporation (Nasdaq:LKQ) today reported record revenue for the first quarter of 2019 of $3.1 billion, an increase of 14% as compared to $2.7 billion in the first quarter of 2018. For the first quarter, parts and services organic revenue growth was 0.1% and acquisition revenue growth was 18.3%, while the impact of exchange rates was a negative 3.2%, for total parts and services revenue growth of 15.2%. When adjusting for one fewer selling day in the quarter, organic revenue growth for parts and services was 1.3%.
Net income attributable to LKQ stockholders for the first quarter of 2019 was $98 million, a decrease of 36% year-over-year. Diluted earnings per share attributable to LKQ stockholders for the first quarter of 2019 was $0.31 as compared to $0.49 for the same period of 2018, a decrease of 37%. The first quarter 2019 results included non-cash impairment charges (net of tax) of $40 million related to the Company’s equity investment in Mekonomen AB and $12 million for net assets held for sale. These impairment charges reduced diluted earnings per share for the first quarter of 2019 by $0.17. On an adjusted basis net income attributable to LKQ stockholders was $176 million, an increase of 4% as compared to the $170 million for the same period of 2018. On an adjusted basis, diluted earnings per share attributable to LKQ stockholders for the first quarter of 2019 was $0.56, an increase of 2% as compared to $0.55 for the same period of 2018.
Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation, stated, “The business performed in-line with our expectations and we continue to make progress with our key productivity initiatives, despite tough revenue growth comparisons in North America, a challenging macro-economic environment in Europe, and the negative year-over-year impact of scrap and exchange rates. I am particularly pleased with the 90 basis points year-over-year improvement in our North America gross margins, a direct result of our ongoing margin enhancement and pricing initiatives to offset inflationary pressures. Additionally, during the quarter, Euro Car Parts continued to make progress towards optimizing the T2 distribution center, which had a positive impact on year-over-year European organic revenue growth and margins.”




The following information was filed by Lkq Corp (LKQ) on Thursday, April 25, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lkq Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income Statement
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) Additional Information (Details)
Accumulated Other Comprehensive Income (Loss) Schedule Of Accumulated Other Comprehensive Income (Loss) (Details)
Business Combinations (Notes)
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Changes In Carrying Amount Of Goodwill (Details)
Changes In Warranty Reserve (Details)
Components Of Other Intangibles (Details)
Condensed Consolidating Balance Sheets (Details)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (Tables)
Condensed Consolidating Statements Of Cash Flows (Details)
Condensed Consolidating Statements Of Comprehensive Income (Details)
Condensed Consolidating Statements Of Income (Details)
Derivative Instruments And Hedging Activities (Details)
Derivative Instruments And Hedging Activities (Notes)
Derivative Instruments And Hedging Activities (Tables)
Earnings Per Share Earnings Per Share (Notes)
Earnings Per Share Earnings Per Share, Basic And Diluted (Details)
Earnings Per Share Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Tables)
Earnings Per Share Schedule Of Earnings Per Share, Basic And Diluted (Tables)
Employee Benefit Plans (Details)
Employee Benefit Plans (Notes)
Employee Benefit Plans (Tables)
Equity Incentive Plans
Equity Incentive Plans (Tables)
Equity Incentive Plans - Additional Information (Details)
Fair Value Measurements (Details)
Fair Value Measurements (Notes)
Fair Value Measurements (Tables)
Financial Statement Information
Financial Statement Information (Policies)
Financial Statement Information (Tables)
Financial Statement Information - Additional Information (Details)
Financial Statement Information Equity Method Investments (Details)
Financial Statement Information Schedule Of Inventory (Details)
Financial Statement Information Schedule Of New Accounting Pronouncements (Details)
Income Taxes (Notes)
Income Taxes - Additional Information (Details)
Interim Financial Statements
Leases (Details)
Leases (Notes)
Leases (Tables)
Long-Term Obligations
Long-Term Obligations (Tables)
Long-Term Obligations - Additional Information (Details)
Pro Forma Effect Of Businesses Acquired (Details)
Purchase Price Allocations For Acquisitions (Details)
Reconciliation Of Segment Ebitda To Net Income (Details)
Restructuring And Acquisition Related Expenses (Notes)
Restructuring And Acquisition Related Expenses - Additional Information (Details)
Revenue Recognition Disaggregation Of Revenue (Details)
Revenue Recognition Disaggregation Of Revenue (Tables)
Revenue Recognition Movement In Standard Product Warranty Accrual (Details)
Revenue Recognition Product Warranty Liability (Tables)
Revenue Recognition Revenue Recognition (Policies)
Revenue Recognition Revenue Reconition (Notes)
Schedule Of Antidilutive Securities Excluded From Computation Of Diluted Earnings Per Share (Details)
Schedule Of Assets By Reportable Segment (Details)
Schedule Of Capital Expenditures By Reportable Segment (Details)
Schedule Of Financial Performance By Reportable Segment (Details)
Schedule Of Long-Term Obligations (Details)
Schedule Of Long-Term Obligations (Parenthetical) (Details)
Schedule Of Stock-Based Compensation Expense Expected To Be Recognized (Details)
Schedule Of Tangible Long-Lived Assets By Geographic Area (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Additional Information (Details)
Segment And Geographic Information Schedule Of Revenue By Geographic Area (Details)
Stock-Based Compensation Schedule Of Stock Option Activity (Details)
Stock-Based Compensation Schedule Of Unvested Restricted Stock Units Activity (Details)
Ticker: LKQ
CIK: 1065696
Form Type: 10-Q Quarterly Report
Accession Number: 0001065696-19-000033
Submitted to the SEC: Wed May 01 2019 4:22:18 PM EST
Accepted by the SEC: Thu May 02 2019
Period: Sunday, March 31, 2019
Industry: Wholesale Motor Vehicles And Motor Vehicle Parts And Supplies

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