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Mar 31, 2023
LKQ Q1 2023 Earnings Report
LKQ's first quarter performance in 2023 was reported, marked by revenue of $3.3 billion and growth in parts and services organic revenue.
Key Takeaways
LKQ Corporation reported first quarter 2023 financial results with revenue of $3.3 billion. Parts and services organic revenue increased by 7.9%. Diluted EPS was $1.01, and adjusted diluted EPS was $1.04. The company reiterated its 2023 guidance and announced a definitive agreement to acquire Uni-Select Inc.
Revenue of $3.3 billion was reported; parts and services organic revenue growth reached 7.9% (7.1% on a per day basis).
Diluted EPS stood at $1.01 (up 7.4%); adjusted diluted EPS was $1.04 (up 4.0%).
Operating cash flow amounted to $223 million; free cash flow was $153 million.
A dividend of $0.275 per share was approved for payment in the second quarter of 2023.
LKQ
LKQ
LKQ Revenue by Segment
LKQ Revenue by Geographic Location
Revenue by Segment
Parts and services Revenue
CapyFin.comSelf Service Revenue
CapyFin.comRevenue by Geographic Location
Wholesale North America Revenue
CapyFin.comEurope Revenue
CapyFin.comSpecialty Revenue
CapyFin.com Forward Guidance
LKQ reiterated its full year 2023 outlook, expecting organic revenue growth for parts and services between 6.0% and 8.0%, diluted EPS between $3.68 and $3.98, adjusted diluted EPS between $3.90 and $4.20, operating cash flow of approximately $1.275 billion, and free cash flow of approximately $975 million.
Positive Outlook
- Organic revenue growth for parts and services is expected to be between 6.0% and 8.0%.
- Diluted EPS is projected to be between $3.68 and $3.98.
- Adjusted diluted EPS is anticipated to be between $3.90 and $4.20.
- Operating cash flow is expected to be approximately $1.275 billion.
- Free cash flow is forecasted to be approximately $975 million.
Challenges Ahead
- The outlook assumes a global effective tax rate of 26.6%.
- The outlook is based on scrap and precious metal prices holding near the March average.
- The outlook assumes no further deterioration due to the Ukraine/Russia conflict.
- The outlook is based on foreign currency exchange rates near March and April average levels.
- Changes in these conditions may impact the ability to achieve the estimates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income