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Lkq Corp (LKQ) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Lkq Corp

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CIK: 1065696 Ticker: LKQ
Exhibit 99.1

lkqpressreleaseimage.jpg


LKQ CORPORATION ANNOUNCES RESULTS FOR THIRD QUARTER 2019


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Revenue growth of 1% to $3.15 billion
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Parts and services organic revenue increased 2.3%; 0.9% on a per day basis
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Net income from continuing operations attributable to LKQ stockholders of $152 million (up 13%); adjusted net income of $189 million (up 6%)
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Diluted EPS from continuing operations attributable to LKQ stockholders of $0.49 (up 17%); adjusted diluted EPS of $0.61 (up 9%)
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Operating cash flow of $965 million (up 85%) year-to-date September 30 and free cash flow of $800 million (up 129%)
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Repurchased 3.9 million shares for $101 million in the quarter and paid down $109 million of debt
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$500 million increase to stock repurchase program announced, raising the aggregate authorization to $1 billion
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2019 annual guidance updated

Chicago, IL (October 31, 2019) -- LKQ Corporation (Nasdaq:LKQ) today reported revenue for the third quarter of 2019 of $3.15 billion, an increase of 0.8% as compared to $3.12 billion in the third quarter of 2018. For the third quarter of 2019, parts and services organic revenue increased 2.3% (0.9% on a per day basis), and acquisition revenue growth was 0.8%, while the impact of exchange rates was (2.3%), for total parts and services revenue growth of 0.8%.
Net income1 for the third quarter of 2019 was $152 million, an increase of 13% year-over-year. On an adjusted basis, net income was $189 million, an increase of 6% as compared to the $177 million for the same period of 2018. Diluted earnings per share1 for the third quarter of 2019 was $0.49 as compared to $0.42 for the same period of 2018, an increase of 17%. On an adjusted basis, diluted earnings per share for the third quarter of 2019 was $0.61, an increase of 9% as compared to $0.56 for the same period of 2018.
Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation, stated: “Our focus on profitable revenue, margin expansion and cash conversion continued to yield positive results this quarter. Despite soft macroeconomic conditions in Europe and declining scrap prices, the Company was able to generate Segment EBITDA expansion, driven by a 60-basis point improvement in our North American segment. I am particularly pleased with the ongoing growth in cash flows as the Company added $327 million in operating cash flows this quarter.”
On a nine-month year-to-date basis, revenue was $9.5 billion, an increase of 7.0% from $8.9 billion for the comparable period of 2018.
Net income for the first nine months of 2019 was $400 million, a decrease of 10% as compared to $444 million for the first nine months of 2018 owing to the non-cash impairment charges in the first and second quarters of 2019. On an adjusted basis, net income for the first nine months of 2019 was $569 million, an increase of 5% as compared to the $539 million for the same period of 2018. Diluted earnings per share for the first nine months of 2019 was $1.28, a decrease of 9%

1 References to Net income and Diluted earnings per share, and the corresponding adjusted figures, in this release reflect amounts from continuing operations attributable to LKQ stockholders.

The following information was filed by Lkq Corp (LKQ) on Thursday, October 31, 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 (Details)
Business Combinations (Notes)
Business Combinations (Tables)
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)
Discontinued Operations (Details)
Discontinued Operations (Notes)
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 (Details)
Financial Statement Information (Notes)
Financial Statement Information (Tables)
Financial Statement Information Adoption Of New Lease Standard (Details)
Financial Statement Information Adoption Of New Lease Standard (Policies)
Financial Statement Information Intangible Assets (Details)
Financial Statement Information Inventories (Policies)
Financial Statement Information Investments In Unconsolidated Subsidiaries (Details)
Financial Statement Information Investments In Unconsolidated Subsidiaries (Policies)
Financial Statement Information Litigation And Related Contingencies (Policies)
Financial Statement Information Net Assets Held For Sale (Details)
Financial Statement Information Net Assets Held For Sale (Policies)
Financial Statement Information Receivables (Policies)
Financial Statement Information Recent Accounting Pronouncements (Policies)
Financial Statement Information Treasury Stock (Details)
Financial Statement Information Treasury Stock (Policies)
Financial Statement Information Warranty Reserve (Details)
Financial Statement Information Warranty Reserve (Policies)
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)
Reconciliation Of Segment Ebitda To Net Income (Details)
Restructuring And Acquisition Related Expenses (Details)
Restructuring And Acquisition Related Expenses (Notes)
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: 0001065696-19-000063
Submitted to the SEC: Tue Nov 05 2019 10:40:35 AM EST
Accepted by the SEC: Tue Nov 05 2019
Period: Monday, September 30, 2019
Industry: Wholesale Motor Vehicles And Motor Vehicle Parts And Supplies

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