LKQ Corporation announces results for full year 2023

Annual revenue up 8.4 percent to $13.9 billion

LKQ Corporation announces results for full year 2023

LKQ Corporation has reported fourth quarter and full year 2023 financial results. Revenue for the fourth quarter of 2023 was $3.5 billion, an increase of 16.6 percent compared to $3.0 billion for the fourth quarter of 2022.

For the fourth quarter of 2023, parts and services organic revenue increased 2.8 percent (3.4 percent on a per day basis), foreign exchange rates increased revenue by 2.7 percent and the net impact of acquisitions and divestitures increased revenue by 13.1 percent year over year, for a total parts and services revenue increase of 18.7 percent.

Other revenue for the fourth quarter of 2023 fell 16.4 percent primarily due to weaker precious metals prices relative to the same period in 2022.

Net income for the fourth quarter of 2023 was $184 million compared to $193 million for the same period of 2022. Diluted earnings per share for the fourth quarter of 2023 was $0.69 compared to $0.72 for the same period of 2022, a decrease of 4.2 percent.

On an adjusted basis, net income in the fourth quarter of 2023 was $226 million compared to $209 million for the same period of 2022, an increase of 7.9 percent. Adjusted diluted earnings per share was $0.84 for the fourth quarter of 2023 compared to $0.78 for the same period of 2022, an increase of 8.0%.

Revenue for the full year of 2023 was $13.9 billion, an increase of 8.4 percent compared to $12.8 billion for the full year of 2022.

For the full year of 2023, parts and services organic revenue increased 4.7 percent (5.1 percent on a per day basis), foreign exchange rates increased revenue by 0.9% and the net impact of acquisitions and divestitures increased revenue by 4.8 percent year over year, for a total parts and services revenue increase of 10.4 percent.

Other revenue for the full year of 2023 fell 19.6 percent primarily due to weaker commodity prices relative to 2022.

Net income for the full year of 2023 was $0.94 billion compared to $1.14 billion for the same period of 2022. Diluted earnings per share for the full year of 2023 was $3.51 compared to $4.11 for the same period of 2022, a decrease of 14.6 percent.

On an adjusted basis, net income for the full year of 2023 was $1.03 billion compared to $1.07 billion for the same period of 2022, a decrease of 4.0 percent. Adjusted diluted earnings per share was $3.83 for the full year of 2023 compared to $3.85 for the same period of 2022, a decrease of 0.5 percent.

2024 outlook

Rick Galloway, senior vice president and chief financial officer, commented, “Our annual guidance reflects our emphasis on profitable revenue growth and free cash flow generation. We expect organic revenue growth from each of our operating segments.

”We also believe that in 2024, our margin enhancement initiatives will boost profitability, including a return to double digit Europe Segment EBITDA margins.”

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