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LKQ Corporation Achieves S&P Investment Grade Rating of ‘BBB-’ with Stable Outlook


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    • By Counterman
      MEMA Aftermarket Suppliers has elevated its commitment to the University of the Aftermarket Foundation (UAF) by achieving the status of a Gold Lifetime Trustee.
      “The Gold Lifetime Trustee designation from the UAF is a recognition given to outstanding donors who significantly support the UAF’s mission of providing scholarships and educational opportunities to the next generation of aftermarket professionals,” UAF said in a news release.
      Paul McCarthy, president and CEO, MEMA Aftermarket Suppliers, and Chris Gardner, senior vice president, MEMA Aftermarket Suppliers, both serve on the UAF board of trustees to further this collaboration and the mission of the foundation, UAF noted.
      “MEMA Aftermarket Suppliers is deeply committed to fostering growth and excellence in the automotive aftermarket. Our engagement with the UAF is an essential step towards enriching the talent pool in our industry,” McCarthy said. “By investing in scholarships and educational programs, we aim to nurture a skilled workforce that can drive innovation and excellence. Our partnership with UAF is not just a contribution, but a commitment to the future of the automotive aftermarket.”
      Roger McCollum, chairman of the UAF, added: “The involvement of MEMA Aftermarket Suppliers with the University of the Aftermarket Foundation is a significant boost to our efforts. Their commitment as a Gold Lifetime Trustee brings valuable resources and insights that will greatly benefit our scholarship and education initiatives. This partnership is a testament to MEMA Aftermarket Suppliers’ dedication to the advancement of our industry.”
      The University of the Aftermarket Foundation is a 501(c)(3) not-for-profit organization. All contributions are tax-deductible to the extent provided by law. To learn more about the foundation, apply for a scholarship or grant, or make a donation, visit www.uofa-foundation.org.
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    • By Counterman
      BBB Industries on Feb. 12 announced two strategic leadership changes. 
      BBB has appointed John Boyer as president of BBB’s undercar division. Boyer has been with BBB since 2015 and has served in various roles, most recently as president of TERREPOWER, BBB’s solar-system and EV-battery lifecycle-management division.
      “Boyer’s product/market insights and hands-on approach are ideally suited to lead BBB’s undercar team,” the company said in a news release.
      Boyer has more than 30 years of experience leading automotive parts manufacturing, distribution and retail businesses to higher levels of performance and growth, including more than 10 years with AutoZone, BBB noted.
      Maria Caballero has been appointed president of TERREPOWER, a division of BBB Industries.
      Caballero brings more than 30 years of experience and a record of outstanding leadership and achievements to this position, the company said.
      Prior to joining BBB, Caballero led the Visteon Electronics OE service group. She also worked for Ford’s automotive component division where she held various roles in manufacturing, business planning and program management.
      “Her unique blend of technical expertise, detailed executional excellence and dedication to the company’s core values make her the right executive to lead TERREPOWER through the next stage in its evolution,” the company said.
      “BBB is deeply committed to exceeding the expectations of our customers, colleagues and investors,” added Duncan Gillis, CEO of BBB Industries. “These key changes within our senior leadership team reflect our relentless pursuit of innovation, growth and competitive excellence.”
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    • By NAPA
      ATLANTA, Oct. 19, 2023 /
      link hidden, please login to view/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced today its results for the third quarter ended September 30, 2023. "Our third quarter performance was highlighted by double digit earnings growth, driven by benefits from the mix and geographic diversity of our businesses as well continued progress on our strategic initiatives," said Paul Donahue, Chairman and Chief Executive Officer. "Through our One GPC approach, we are simplifying our business while driving productivity and efficiency across our operations. We would like to thank our teams around the world for their continued dedication to serving our customers and delivering solid quarterly results."
      Third Quarter 2023 Results
      Sales were $5.8 billion, a 2.6% increase compared to $5.7 billion in the same period of the prior year. The growth in sales is attributable to a 0.5% increase in comparable sales, a 1.7% benefit from acquisitions and a 0.4% net favorable impact of foreign currency and other. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter sales growth by approximately 1.2%.
      Net income was $351 million, an increase of 12.4% compared to net income of $312 million in the prior year. Diluted EPS was $2.49, an increase of 13.2% compared to $2.20 in the prior year period.
      Net income of $351 million compares to adjusted net income of $317 million for the same three-month period of the prior year, an increase of 10.7%. On a per share diluted basis, net income was $2.49, an increase of 11.7% compared to adjusted diluted earnings per share of $2.23 last year. Refer to the reconciliation of GAAP net income to adjusted net income and GAAP diluted earnings per share and adjusted diluted earnings per share for more information.
      Third Quarter 2023 Segment Highlights
      Automotive Parts Group ("Automotive")
      Global Automotive sales were $3.6 billion, up 3.9% from the same period in 2022, with a 0.6% increase in comparable sales, 2.4% benefit from acquisitions and a net 0.9% favorable impact of foreign currency and other. Segment profit of $322 million increased 4.1%, with segment profit margin of 8.9%, flat compared to last year. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter Global Automotive sales growth by approximately 1.0%.
      Industrial Parts Group ("Industrial")
      Industrial sales were $2.2 billion, up 0.6% from the same period in 2022, reflecting a 0.3% increase in comparable sales and a 0.6% benefit from acquisitions, slightly offset by a 0.3% unfavorable impact of foreign currency. Segment profit of $283 million increased 16.6%, with segment profit margin of 12.9% up 180 basis points from the same period of the prior year. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter Industrial sales growth by approximately 1.6%.
      "While our Industrial and international Automotive businesses performed well during the third quarter, the results for our U.S. Automotive business were below our expectations and negatively impacted by one less selling day," said Will Stengel, President and Chief Operating Officer. "Our third quarter results reflect continued improvement in segment margins, driven by strong team operating discipline despite the slower growth environment."
      Nine Months 2023 Results
      Sales for the nine months ended September 30, 2023 were $17.5 billion, up 5.6% from the same period in 2022. Net income for the nine months was $1.0 billion, or $7.08 per diluted share, an increase of 8.4% compared to $6.53 per diluted share in 2022. Net income of $1.0 billion, or $7.08 per diluted share, compares to adjusted net income of $896 million, or adjusted diluted earnings per share of $6.29, in 2022, an increase of 12.6%.
      Balance Sheet, Cash Flow and Capital Allocation
      The company generated cash flow from operations of $1.1 billion for the first nine months of 2023. We used $473 million in cash for investing activities, including $350 million for capital expenditures and $211 million for acquisitions, net of $80 million in proceeds from the sale of our remaining investment in S.P. Richards and other investments. We also used $599 million in cash for financing activities, including $393 million for quarterly dividends paid to shareholders and $172 million for stock repurchases. Free cash flow was $733 million for the first nine months of 2023. Refer to the reconciliation of GAAP net cash provided by operating activities to free cash flow for more information.
      The company ended the quarter with $2.2 billion in total liquidity, consisting of $1.5 billion availability on the revolving credit facility and $655 million in cash and cash equivalents. 
      2023 Outlook
      The company is updating full-year 2023 guidance previously provided in its earnings release on July 20, 2023. The company considered its recent business trends and financial results, current growth plans, strategic initiatives, global economic outlook, geopolitical conflicts and the potential impact on results in updating its guidance, which is outlined in the table below.

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