LKQ Corporation announces results for first quarter 2024

Revenue for the first quarter of 2024 was $3.7 billion

LKQ Corporation announces results for first quarter 2024

LKQ Corporation, owner of Euro Car Parts, has reported its first quarter 2024 financial results.

Dominick Zarcone, president and CEO, said: “Our first quarter results were below our expectations as our wholesale – North America segment was confronted with a reduction in repairable claims and the resulting pressure on demand, which we believe is primarily attributable to record warm weather across the United States.

“On the upside, we experienced positive organic growth in our Europe segment and generated robust free cash flow. Our success since implementing the operational excellence strategy in 2019 has placed the Company on solid ground to recover from uncontrollable dynamics, such as those we faced in the first quarter.

“As a result, and despite the revenue headwinds we encountered in the first quarter, we are maintaining our adjusted earnings per share and free cash flow guidance. We have confidence in our team’s abilities and their track record of swiftly and effectively implementing action plans to address our cost-structure, and have already made meaningful changes to reflect current levels of demand.”

Revenue for the first quarter of 2024 was $3.7 billion, an increase of 10.6 percent compared to $3.3 billion for the first quarter of 2023.

Looking ahead, Rick Galloway, senior vice president and chief financial officer, added: “We are reiterating our full year adjusted earnings per share and free cash flow guidance based on our confidence in the core strengths of our businesses and the action plans already in motion to recover the first quarter’s underperformance.

“We have lowered the range of our organic revenue growth guidance in recognition of the softer than expected first quarter demand and lowered our GAAP earnings per share guidance due to higher projected restructuring and transaction related expenses than prior guidance.”

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