LKQ Corporation Q2 results

Published:  05 August, 2022

LKQ Euro Car Parts parent company LKQ Corporation reported organic revenue growth of 3.8% in its second quarter 2022 financial results, in the face of a challenging trading environment.

This was 2.7% down on the same period in 2021 when the company achieved $3.4 billion in the second quarter of 2021. On a constant currency basis, second quarter revenue was up 2.5% to $3.5 billion. Net income for the quarter was $420 million, compared with $305 million for the same period in 2021.

Commenting on the results, LKQ Corporation President and Chief Executive Officer
Dominick Zarcone said: “We had a solid second quarter delivering strong organic growth, and I am extremely proud of the results the LKQ team achieved in a challenging operating environment, which included significant inflationary pressures, supply chain disruptions, and volatile commodity and currency markets. Despite these challenges, we continued to drive our strategic initiatives forward.

“As we enter the back half of the year, we are well positioned with our market leading businesses, experienced management teams, strong balance sheet, and balanced capital allocation strategy, giving us the confidence to maintain our full year 2022 guidance.”

Andy Hamilton, CEO of LKQ Euro Car Parts, added: “Every single one of our colleagues – in the UK, Ireland and across the world – should be proud of how the business has performed throughout the second quarter, despite facing challenges including increasing inflation, supply chain disruption and the war in Ukraine.

“Our focus on driving efficiencies delivers benefits to our customers, too, as we work hard to manage and minimise the cost increases they face, while providing training and equipment to help them enhance their capabilities and widen their proposition.

Andy concluded: “Independents provide better customer service and a better experience than the dealerships – at a better price – which puts them in a good position to grow their share of the aftermarket, especially as the car parc ages. That’s what we’re here to help them do.”

For the full results, visit: https://investor.lkqcorp.com/news/news-details/2022/LKQ-Corporation-Announces-Results-for-Second-Quarter-2022/default.aspx

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