LKQ Corporation Announces Results for Third Quarter 2022

LKQ Corporation Announces Results for Second Quarter 2024

Revenue of $3.7 billion (an 8% increase compared to the same period in 2023) Diluted EPS2 of $0.70; adjusted diluted EPS1,2 of $0.98 Second quarter operating cash flow of $213 million; free cash flow1 of $133 million Repurchased $125 million of LKQ shares Dividend of $0.30 per share approved to be paid in the third quarter of 2024 Annual guidance updated CHICAGO, July 25, 2024 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today reported second quarter 2024 financial results. “Our second quarter performance did not meet expectations as lower repairable claims in North America and difficult macroeconomic conditions in Europe led to declines in overall volumes. In light of soft demand, our teams acted with agility and decisiveness to address our cost structure and protect our margins,” noted Justin Jude, President and Chief Executive Officer.
Mr. Jude further stated: “We believe current market headwinds are temporary in nature but expect them to persist for the balance of the year. As we look ahead, we will continue to prioritize our strategic pillars of profitable revenue growth, margin enhancement and cash flow generation, while enhancing our operational excellence focus to maximize our performance. Guided by our strategic pillars, we will continue to evaluate our portfolio to determine if we are the right owners of our various businesses, and we have placed a pause on any large-scale acquisitions and have raised the bar for approving tuck-in acquisitions. I am confident that these actions, combined with a capital allocation policy that will prioritize returning value to shareholders while maintaining our investment grade status, will enhance shareholder value to reflect LKQ’s unique strengths and market leading positions in our core segments.”
Second Quarter 2024 Financial Results
Revenue for the second quarter of 2024 was $3.7 billion, an increase of 7.6% compared to $3.4 billion for the second quarter of 2023. For the second quarter of 2024, parts and services organic revenue decreased 2.1% (2.9% decrease on a per day basis), the net impact of acquisitions and divestitures increased revenue by 11.8%, and foreign exchange rates decreased revenue by 0.6% year over year, for a total parts and services revenue increase of 9.0%. Other revenue for the second quarter of 2024 fell 16.2% primarily due to weaker precious metals prices and lower scrap steel volumes relative to the same period in 2023.
Net income2 for the second quarter of 2024 was $185 million compared to $281 million for the same period of 2023. Diluted earnings per share2 for the second quarter of 2024 was $0.70 compared to $1.05 for the same period of 2023, a decrease of 33.3%.
On an adjusted basis, net income1,2 for the second quarter of 2024 was $261 million compared to $291 million for the same period of 2023, a decrease of 10.4%. Adjusted diluted earnings per share1,2 was $0.98 for the second quarter of 2024 compared to $1.09 for the same period of 2023, a decrease of 10.1%.
(1) Non-GAAP measure. See the table accompanying this release that reconciles the actual or forecasted U.S. GAAP measure to the actual or forecasted adjusted measure, which is non-GAAP.
(2) References in this release to Net income and Diluted earnings per share, and the corresponding adjusted figures, reflect amounts from continuing operations attributable to LKQ stockholders.
Cash Flow and Balance Sheet
Cash flow from operations and free cash flow1 were $213 million and $133 million, respectively, for the second quarter of 2024. Cash flow from operations and free cash flow1 were $466 million and $320 million, respectively, for the six months ended June 30, 2024. As of June 30, 2024, the balance sheet reflected total debt of $4.3 billion and total leverage, as defined in our credit facility, was 2.3x EBITDA.
Stock Repurchase and Dividend Programs
During the second quarter of 2024, the Company returned over $200 million to its shareholders by investing $125 million to repurchase 2.9 million shares of its common stock and distributing approximately $80 million in cash dividends. For the six months ended June 30, 2024, the Company has repurchased 3.5 million shares of its common stock for $155 million, and since initiating the stock repurchase program in late October 2018, the Company has repurchased approximately 59 million shares of its common stock for a total of $2.6 billion through June 30, 2024. As of June 30, 2024, there was $921 million remaining on the authorization.
On July 23, 2024, the Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock, payable on August 29, 2024, to stockholders of record at the close of business on August 15, 2024.
Other Events
In the second quarter of 2024, we entered into definitive agreements to divest our operations in (i) Slovenia, which closed in April 2024; (ii) Poland, which we expect to close in the third quarter of 2024 subject to customary closing conditions; and (iii) Bosnia, which we expect to close in the second half of 2024 subject to customary closing conditions and regulatory approval. After thorough consideration, we determined our operations in Slovenia, Poland and Bosnia did not align with our long-term strategy and financial return objectives. Terms of the transactions were not disclosed.
On June 21, 2024, the Company announced a new collective bargaining agreement with the trade union Verdi. The agreement covers approximately 5,000 employees of LKQ Europe in Germany, including 730 colleagues at LKQ’s Sulzbach-Rosenberg distribution center. The collective bargaining agreement has a two-year duration, which expires on April 30, 2026. The tariff agreement includes a mandatory peace obligation, which immediately ends all strike activity throughout the term of the agreement.
On July 22, 2024, the Company announced that it had appointed Andrew Clarke to its Board of Directors. LKQ's Board of Directors regularly evaluates its composition with the objective of including the appropriate skills, experience and perspectives to enhance the prospects for the growth and profitability of the Company on behalf of its stockholders.
2024 Outlook
“Based on a projected continuation of the revenue headwinds we experienced in the first half of 2024, we are lowering our full year guidance. While we have taken actions to reduce costs and protect our margins and cash flows, the benefits are not expected to offset the full impact of the lower revenue expectation,” stated Rick Galloway, Senior Vice President and Chief Financial Officer. “We are confident in LKQ’s ability to deliver on these expectations given our market-leading businesses, successful operational excellence strategy and the strength of our team.”
(1) Non-GAAP measure. See the table accompanying this release that reconciles the actual or forecasted U.S. GAAP measure to the actual or forecasted adjusted measure, which is non-GAAP.
(2) References in this release to Net income and Diluted earnings per share, and the corresponding adjusted figures, reflect amounts from continuing operations attributable to LKQ stockholders.
For 2024, management updated the outlook as set forth below:
2024 Previous Full Year Outlook 2024 Updated Full Year Outlook Organic revenue growth for parts and services 2.5% to 4.5% (1.25%) to 0.25% Diluted EPS2 $3.32 to $3.62 $2.71 to $2.91 Adjusted diluted EPS1,2 $3.90 to $4.20 $3.50 to $3.70 Operating cash flow $1.35 billion $1.20 billion Free cash flow1 $1.0 billion $0.85 billion Free cash flow conversion of Adjusted EBITDA1 50% to 60% 50% to 60% (1) Non-GAAP measure. See the table accompanying this release that reconciles the actual or forecasted U.S. GAAP measure to the actual or forecasted adjusted measure, which is non-GAAP.
(2) References in this release to Net income and Diluted earnings per share, and the corresponding adjusted figures, reflect amounts from continuing operations attributable to LKQ stockholders.
Our outlook for the full year 2024 is based on current conditions, recent trends and our expectations, and assumes a global effective tax rate of 26.8%, the prices of scrap and precious metals hold near the June average and no further deterioration due to the Ukraine/Russia conflict. We have applied foreign currency exchange rates near second quarter average levels, including $1.09, $1.27 and $0.73 for the euro, pound sterling and Canadian dollar, respectively, for the balance of the year. Changes in these conditions may impact our ability to achieve the estimates. Adjusted figures exclude (to the extent applicable) the impact of restructuring and transaction related expenses; amortization expense related to acquired intangibles; excess tax benefits and deficiencies from stock-based payments; losses on debt extinguishment; impairment charges; direct impacts of the Ukraine/Russia conflict; and gains and losses related to acquisitions or divestitures (including changes in the fair value of contingent consideration liabilities).
Non-GAAP Financial Measures
This release contains (and management’s presentation on the related investor conference call will refer to) non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included with this release are reconciliations of each non-GAAP financial measure with the most directly comparable financial measure calculated in accordance with GAAP.
Conference Call Details
LKQ will host a conference call and webcast on July 25, 2024 at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) with members of senior management to discuss the Company's results. To access the conference call, please dial (833) 470-1428. International access to the call may be obtained by dialing (404) 975-4839. The conference call will require you to enter conference ID: 893094.
Webcast and Presentation Details
The audio webcast and accompanying slide presentation can be accessed at (
link hidden, please login to view) in the Investor Relations section. A replay of the conference call will be available by telephone at (866) 813-9403 or (929) 458-6194 for international calls. The telephone replay will require you to enter conference ID: 131497. An online replay of the audio webcast will be available on the Company's website. Both formats of replay will be available through August 9, 2024. Please allow approximately two hours after the live presentation before attempting to access the replay.
About LKQ Corporation
LKQ Corporation (
link hidden, please login to view) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles. Forward-Looking Statements
Statements and information in this press release and on the related conference call, including our outlook for 2024, as well as remarks by the Chief Executive Officer and other members of management, that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act.
Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors including those identified below. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results predicted or implied by our forward-looking statements include the factors set forth below, and other factors discussed in our filings with the SEC, including those disclosed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available at the Investor Relations section on our website (
link hidden, please login to view) and on the SEC's website ( link hidden, please login to view). These factors include the following (not necessarily in order of importance):
our operating results and financial condition have been and could continue to be adversely affected by the economic, political and social conditions in North America, Europe, Taiwan and other countries, as well as the economic health of vehicle owners and numbers and types of vehicles sold; we face competition from local, national, international, and internet-based vehicle products providers, and this competition could negatively affect our business; we rely upon insurance companies and our customers to promote the usage of alternative parts; intellectual property claims relating to aftermarket products could adversely affect our business; changes in the demand for our products and the supply of our inventory due to severity of weather and seasonality of weather patterns; if the number of vehicles involved in accidents or being repaired declines, or the mix of the types of vehicles in the overall vehicle population changes, our business could suffer; inaccuracies in the data relating to our industry published by independent sources upon which we rely; fluctuations in the prices of commodities could adversely affect our financial results; an adverse change in our relationships with our suppliers, disruption to our supply of inventory, or the misconduct, performance failures or negligence of our third party vendors or service providers could increase our expenses, impede our ability to serve our customers, or expose us to liability; future public health emergencies could have a material adverse impact on our business, results of operation, financial condition and liquidity, the nature and extent of which is highly uncertain; if we determine that our goodwill or other intangible assets have become impaired, we may incur significant charges to our pretax income; we could be subject to product liability claims and involved in product recalls; we may not be able to successfully acquire businesses or integrate acquisitions, and we may not be able to successfully divest certain businesses; we have a substantial amount of indebtedness, which could have a material adverse effect on our financial condition and our ability to obtain financing in the future and to react to changes in our business; our senior notes do not impose any limitations on our ability to incur additional debt or protect against certain other types of transactions, and we may incur additional indebtedness under our credit agreement; our credit agreement imposes operating and financial restrictions on us and our subsidiaries, which may prevent us from capitalizing on business opportunities; we may not be able to generate sufficient cash to service all of our indebtedness, and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful; our future capital needs may require that we seek to refinance our debt or obtain additional debt or equity financing, events that could have a negative effect on our business; our variable rate indebtedness subjects us to interest rate risk, which could cause our indebtedness service obligations to increase significantly; repayment of our indebtedness is dependent on cash flow generated by our subsidiaries; a downgrade in our credit rating would impact our cost of capital; the amount and frequency of our share repurchases and dividend payments may fluctuate; existing or new laws and regulations, or changes to enforcement or interpretation of existing laws or regulations, may prohibit, restrict or burden the sale of aftermarket, recycled, refurbished or remanufactured products; we are subject to environmental regulations and incur costs relating to environmental matters; if we fail to maintain proper and effective internal control over financial reporting in the future, our ability to produce accurate and timely financial statements could be negatively impacted, which could harm our operating results and investor perceptions of our company and as a result may have a material adverse effect on the value of our common stock; we may be adversely affected by legal, regulatory or market responses to global climate change; our amended and restated bylaws provide that the courts in the State of Delaware are the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees; our effective tax rate could materially increase as a consequence of various factors, including U.S. and/or international tax legislation, applicable interpretations and administrative guidance, our mix of earnings by jurisdiction, and U.S. and foreign jurisdictional audits; if significant tariffs or other restrictions are placed on products or materials we import or any related counter-measures are taken by countries to which we export products, our revenue and results of operations may be materially harmed; governmental agencies may refuse to grant or renew our operating licenses and permits; the costs of complying with the requirements of laws pertaining to data privacy and cybersecurity of personal information and the potential liability associated with the failure to comply with such laws could materially adversely affect our business and results of operations; our employees are important to successfully manage our business and achieve our objectives; we operate in foreign jurisdictions, which exposes us to foreign exchange and other risks; our business may be adversely affected by union activities and labor and employment laws; we rely on information technology and communication systems in critical areas of our operations and a disruption relating to such technology could harm our business; business interruptions in our distribution centers or other facilities may affect our operations, the function of our computer systems, and/or the availability and distribution of merchandise, which may affect our business; if we experience problems with our fleet of trucks and other vehicles, our business could be harmed; we may lose the right to operate at key locations; and activist investors could cause us to incur substantial costs, divert management’s attention, and have an adverse effect on our business. Contact:
Joseph P. Boutross - Vice President, Investor Relations
LKQ Corporation
(312) 621-2793

link hidden, please login to view LKQ CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Income, with Supplementary Data
(In millions, except per share data) Three Months Ended June 30, 2024 2023 % of
Revenue (2) % of
Revenue (2) $ Change % Change Revenue $ 3,711 100.0 % $ 3,448 100.0 % $ 263 7.6 % Cost of goods sold 2,270 61.2 % 2,034 59.0 % 236 11.6 % Gross margin 1,441 38.8 % 1,414 41.0 % 27 1.9 % Selling, general and administrative expenses 976 26.3 % 938 27.2 % 38 4.1 % Restructuring and transaction related expenses 49 1.3 % 8 0.2 % 41 n/m Depreciation and amortization 87 2.4 % 61 1.8 % 26 42.6 % Operating income 329 8.8 % 407 11.8 % (78 ) (19.2 )% Other expense (income): Interest expense 66 1.8 % 52 1.5 % 14 26.9 % Gains on foreign exchange contracts - acquisition related (1) — — % (23 ) (0.7 )% 23 n/m Interest income and other income, net (3 ) (0.1 )% (11 ) (0.3 )% 8 (72.7 )% Total other expense, net 63 1.7 % 18 0.5 % 45 n/m Income before provision for income taxes 266 7.2 % 389 11.3 % (123 ) (31.6 )% Provision for income taxes 82 2.2 % 109 3.2 % (27 ) (24.8 )% Equity in earnings of unconsolidated subsidiaries 2 — % 2 — % — n/m Net income 186 5.0 % 282 8.2 % (96 ) (34.0 )% Less: net income attributable to noncontrolling interest 1 — % 1 — % — n/m Net income attributable to LKQ stockholders $ 185 5.0 % $ 281 8.1 % $ (96 ) (34.2 )% Basic earnings per share: Net income $ 0.70 $ 1.05 $ (0.35 ) (33.3 )% Less: net income attributable to noncontrolling interest — — — — % Net income attributable to LKQ stockholders $ 0.70 $ 1.05 $ (0.35 ) (33.3 )% Diluted earnings per share: Net income $ 0.70 $ 1.05 $ (0.35 ) (33.3 )% Less: net income attributable to noncontrolling interest — — — — % Net income attributable to LKQ stockholders $ 0.70 $ 1.05 $ (0.35 ) (33.3 )% Weighted average common shares outstanding: Basic 265.3 267.6 (2.3 ) (0.9 )% Diluted 265.6 268.2 (2.6 ) (1.0 )% (1) Related to the Uni-Select Inc. ("Uni-Select") acquisition. (2) The sum of the individual percentage of revenue components may not equal the total due to rounding.
LKQ CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Income, with Supplementary Data
(In millions, except per share data) Six Months Ended June 30, 2024 2023 % of
Revenue (2) % of
Revenue (2) $ Change % Change Revenue $ 7,414 100.0 % $ 6,797 100.0 % $ 617 9.1 % Cost of goods sold 4,521 61.0 % 4,011 59.0 % 510 12.7 % Gross margin 2,893 39.0 % 2,786 41.0 % 107 3.8 % Selling, general and administrative expenses 2,020 27.2 % 1,869 27.5 % 151 8.1 % Restructuring and transaction related expenses 79 1.1 % 26 0.4 % 53 n/m Depreciation and amortization 176 2.4 % 119 1.7 % 57 47.9 % Operating income 618 8.3 % 772 11.4 % (154 ) (19.9 )% Other expense (income): Interest expense 130 1.8 % 88 1.3 % 42 47.7 % Gains on foreign exchange contracts - acquisition related (1) — — % (46 ) (0.7 )% 46 n/m Interest income and other income, net (9 ) (0.1 )% (20 ) (0.3 )% 11 (55.0 )% Total other expense, net 121 1.6 % 22 0.3 % 99 n/m Income before provision for income taxes 497 6.7 % 750 11.0 % (253 ) (33.7 )% Provision for income taxes 153 2.1 % 203 3.0 % (50 ) (24.6 )% Equity in earnings of unconsolidated subsidiaries — — % 5 0.1 % (5 ) n/m Net income 344 4.6 % 552 8.1 % (208 ) (37.7 )% Less: net income attributable to noncontrolling interest 1 — % 1 — % — n/m Net income attributable to LKQ stockholders $ 343 4.6 % $ 551 8.1 % $ (208 ) (37.7 )% Basic earnings per share: Net income $ 1.29 $ 2.06 $ (0.77 ) (37.4 )% Less: net income attributable to noncontrolling interest — — — — % Net income attributable to LKQ stockholders $ 1.29 $ 2.06 $ (0.77 ) (37.4 )% Diluted earnings per share: Net income $ 1.29 $ 2.06 $ (0.77 ) (37.4 )% Less: net income attributable to noncontrolling interest — — — — % Net income attributable to LKQ stockholders $ 1.29 $ 2.06 $ (0.77 ) (37.4 )% Weighted average common shares outstanding: Basic 266.2 267.5 (1.3 ) (0.5 )% Diluted 266.7 268.3 (1.6 ) (0.6 )% (1) Related to the Uni-Select acquisition. (2) The sum of the individual percentage of revenue components may not equal the total due to rounding.
LKQ CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In millions, except per share data) June 30,
2024 December 31,
2023 Assets Current assets: Cash and cash equivalents $ 276 $ 299 Receivables, net of allowance for credit losses 1,360 1,165 Inventories 3,064 3,121 Prepaid expenses and other current assets 385 283 Total current assets 5,085 4,868 Property, plant and equipment, net 1,509 1,516 Operating lease assets, net 1,364 1,336 Goodwill 5,530 5,600 Other intangibles, net 1,233 1,313 Equity method investments 157 159 Other noncurrent assets 333 287 Total assets $ 15,211 $ 15,079 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 1,764 $ 1,648 Accrued expenses: Accrued payroll-related liabilities 199 260 Refund liability 134 132 Other accrued expenses 353 309 Current portion of operating lease liabilities 238 224 Current portion of long-term obligations 44 596 Other current liabilities 172 149 Total current liabilities 2,904 3,318 Long-term operating lease liabilities, excluding current portion 1,179 1,163 Long-term obligations, excluding current portion 4,253 3,655 Deferred income taxes 425 448 Other noncurrent liabilities 306 314 Commitments and contingencies Stockholders’ equity: Common stock, $0.01 par value, 1,000.0 shares authorized, 323.6 shares issued and 264.2 shares outstanding at June 30, 2024; 323.1 shares issued and 267.2 shares outstanding at December 31, 2023 3 3 Additional paid-in capital 1,547 1,538 Retained earnings 7,472 7,290 Accumulated other comprehensive loss (313 ) (240 ) Treasury stock, at cost; 59.4 shares at June 30, 2024 and 55.9 shares at December 31, 2023 (2,580 ) (2,424 ) Total Company stockholders’ equity 6,129 6,167 Noncontrolling interest 15 14 Total stockholders’ equity 6,144 6,181 Total liabilities and stockholders’ equity $ 15,211 $ 15,079
LKQ CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(In millions) Six Months Ended June 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 344 $ 552 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 200 135 Stock-based compensation expense 16 20 Gains on foreign exchange contracts - acquisition related — (46 ) Other 57 37 Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: Receivables (225 ) (223 ) Inventories (37 ) 132 Prepaid income taxes/income taxes payable (10 ) (5 ) Accounts payable 180 104 Other operating assets and liabilities (59 ) (3 ) Net cash provided by operating activities 466 703 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (146 ) (136 ) Acquisitions, net of cash acquired (30 ) (52 ) Other investing activities, net (2 ) 3 Net cash used in investing activities (178 ) (185 ) CASH FLOWS FROM FINANCING ACTIVITIES: Debt issuance costs (7 ) (30 ) Proceeds from issuance of U.S. Notes (2028/33), net of unamortized bond discount — 1,394 Proceeds from issuance of Euro Notes (2031), net of unamortized bond discount 816 — Repayment of Euro Notes (2024) (547 ) — Borrowings under revolving credit facilities 931 1,693 Repayments under revolving credit facilities (1,104 ) (2,267 ) Borrowings under term loans — 500 Repayments of other debt, net (16 ) (16 ) Settlement of derivative instruments 3 (13 ) Dividends paid to LKQ stockholders (161 ) (148 ) Purchase of treasury stock (155 ) (8 ) Other financing activities, net (36 ) (6 ) Net cash (used in) provided by financing activities (276 ) 1,099 Effect of exchange rate changes on cash, cash equivalents and restricted cash (10 ) 9 Net increase in cash, cash equivalents and restricted cash 2 1,626 Cash and cash equivalents, beginning of period 299 278 Cash, cash equivalents and restricted cash, end of period (1) $ 301 $ 1,904 (1) For the period ended June 30, 2024, includes $25 million of restricted cash included in Other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.
The following unaudited tables compare certain third party revenue categories:
Three Months Ended June 30, (In millions) 2024 2023 $ Change % Change Wholesale - North America $ 1,398 $ 1,121 $ 277 24.8 % Europe 1,633 1,633 — — % Specialty 466 442 24 5.2 % Self Service 55 63 (8 ) (11.1 )% Parts and services 3,552 3,259 293 9.0 % Wholesale - North America 75 78 (3 ) (3.6 )% Europe 6 5 1 10.1 % Self Service 78 106 (28 ) (26.7 )% Other 159 189 (30 ) (16.2 )% Total revenue $ 3,711 $ 3,448 $ 263 7.6 %
Revenue changes by category for the three months ended June 30, 2024 vs. 2023:
Revenue Change Attributable to: Organic (1) Acquisition and Divestiture Foreign Exchange Total Change (2) Wholesale - North America (5.3 )% 30.2 % (0.1 )% 24.8 % Europe 0.3 % 0.8 % (1.1 )% — % Specialty (2.1 )% 7.4 % (0.2 )% 5.2 % Self Service (11.1 )% — % — % (11.1 )% Parts and services (2.1 )% 11.8 % (0.6 )% 9.0 % Wholesale - North America (4.0 )% 0.5 % (0.1 )% (3.6 )% Europe 10.9 % — % (0.8 )% 10.1 % Self Service (26.7 )% — % — % (26.7 )% Other (16.3 )% 0.2 % (0.1 )% (16.2 )% Total revenue (2.9 )% 11.1 % (0.6 )% 7.6 % (1) We define organic revenue growth as total revenue growth from continuing operations excluding the effects of acquisitions and divestitures (i.e., revenue generated from the date of acquisition to the first anniversary of that acquisition, net of reduced revenue due to the disposal of businesses) and foreign currency movements (i.e., impact of translating revenue at different exchange rates). Organic revenue growth includes incremental sales from both existing and new (i.e., opened within the last twelve months) locations and is derived from expanding business with existing customers, securing new customers and offering additional products and services. We believe that organic revenue growth is a key performance indicator as this statistic measures our ability to serve and grow our customer base successfully.
(2) The sum of the individual revenue change components may not equal the total percentage change due to rounding.
The following unaudited tables compare certain third party revenue categories:
Six Months Ended June 30, (In millions) 2024 2023 $ Change % Change Wholesale - North America $ 2,820 $ 2,269 $ 551 24.3 % Europe 3,270 3,181 89 2.8 % Specialty 888 838 50 5.9 % Self Service 109 123 (14 ) (10.8 )% Parts and services 7,087 6,411 676 10.5 % Wholesale - North America 153 159 (6 ) (3.7 )% Europe 13 12 1 10.2 % Self Service 161 215 (54 ) (25.4 )% Other 327 386 (59 ) (15.4 )% Total revenue $ 7,414 $ 6,797 $ 617 9.1 %
Revenue changes by category for the six months ended June 30, 2024 vs. 2023:
Revenue Change Attributable to: Organic (1) Acquisition and Divestiture Foreign Exchange Total Change (2) Wholesale - North America (4.3 )% 28.6 % — % 24.3 % Europe 1.5 % 1.1 % 0.2 % 2.8 % Specialty (1.8 )% 7.7 % (0.1 )% 5.9 % Self Service (10.8 )% — % — % (10.8 )% Parts and services (1.2 )% 11.7 % 0.1 % 10.5 % Wholesale - North America (4.4 )% 0.8 % — % (3.7 )% Europe 9.8 % — % 0.3 % 10.2 % Self Service (25.4 )% — % — % (25.4 )% Other (15.7 )% 0.3 % — % (15.4 )% Total revenue (2.0 )% 11.0 % 0.1 % 9.1 % (1) We define organic revenue growth as total revenue growth from continuing operations excluding the effects of acquisitions and divestitures (i.e., revenue generated from the date of acquisition to the first anniversary of that acquisition, net of reduced revenue due to the disposal of businesses) and foreign currency movements (i.e., impact of translating revenue at different exchange rates). Organic revenue growth includes incremental sales from both existing and new (i.e., opened within the last twelve months) locations and is derived from expanding business with existing customers, securing new customers and offering additional products and services. We believe that organic revenue growth is a key performance indicator as this statistic measures our ability to serve and grow our customer base successfully.
(2) The sum of the individual revenue change components may not equal the total percentage change due to rounding.
The following unaudited table reconciles revenue and revenue growth for parts & services and total revenue to constant currency revenue and revenue growth for the same measures:
Three Months Ended
June 30, 2024 Six Months Ended
June 30, 2024 (In millions) Consolidated Europe Consolidated Europe Parts & Services Revenue as reported $ 3,552 $ 1,633 $ 7,087 $ 3,270 Less: Currency impact (21 ) (18 ) 6 8 Revenue at constant currency $ 3,573 $ 1,651 $ 7,081 $ 3,262 Total Revenue as reported $ 3,711 $ 7,414 Less: Currency impact (21 ) 6 Revenue at constant currency $ 3,732 $ 7,408
Three Months Ended
June 30, 2024 Six Months Ended
June 30, 2024 Consolidated Europe Consolidated Europe Parts & Services Revenue growth as reported 9.0 % — % 10.5 % 2.8 % Less: Currency impact (0.6 )% (1.1 )% 0.1 % 0.2 % Revenue growth at constant currency 9.6 % 1.1 % 10.4 % 2.6 % Total Revenue growth as reported 7.6 % 9.1 % Less: Currency impact (0.6 )% 0.1 % Revenue growth at constant currency 8.2 % 9.0 % We have presented our revenue and the growth rate on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP financial measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency revenue information provides valuable supplemental information regarding our growth, consistent with how we evaluate our performance, as this statistic removes the translation impact of exchange rate fluctuations, which are outside of our control and do not reflect our operational performance. Constant currency revenue results are calculated by translating prior year revenue in local currency using the current year's currency conversion rate. This non-GAAP financial measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. In addition, not all companies that report revenue growth on a constant currency basis calculate such measure in the same manner as we do and, accordingly, our calculations are not necessarily comparable to similarly-named measures of other companies and may not be appropriate measures for performance relative to other companies.
The following unaudited table compares revenue and Segment EBITDA by reportable segment:
Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In millions) % of Revenue % of Revenue % of Revenue % of Revenue Revenue Wholesale - North America $ 1,474 $ 1,199 $ 2,974 $ 2,428 Europe 1,639 1,638 3,283 3,193 Specialty 466 443 889 840 Self Service 133 169 270 338 Eliminations (1 ) (1 ) (2 ) (2 ) Total revenue $ 3,711 $ 3,448 $ 7,414 $ 6,797 Segment EBITDA Wholesale - North America $ 256 17.3 % $ 248 20.6 % $ 500 16.8 % $ 500 20.6 % Europe 174 10.6 % 188 11.5 % 317 9.7 % 339 10.6 % Specialty 41 8.9 % 42 9.5 % 68 7.7 % 73 8.7 % Self Service 13 9.9 % 7 4.1 % 29 10.9 % 29 8.7 % Total Segment EBITDA $ 484 13.0 % $ 485 14.1 % $ 914 12.3 % $ 941 13.8 % We have presented Segment EBITDA solely as a supplemental disclosure that offers investors, securities analysts and other interested parties useful information to evaluate our segment profit and loss and underlying trends in our ongoing operations. We calculate Segment EBITDA as Net Income excluding net income and loss attributable to noncontrolling interest; income and loss from discontinued operations; depreciation; amortization; interest; gains and losses on debt extinguishment; income tax expense; restructuring and transaction related expenses; change in fair value of contingent consideration liabilities; other gains and losses related to acquisitions, equity method investments, or divestitures; equity in losses and earnings of unconsolidated subsidiaries; equity investment fair value adjustments; impairment charges; and direct impacts of the Ukraine/Russia conflict. Our chief operating decision maker, who is our Chief Executive Officer, uses Segment EBITDA as the key measure of our segment profit or loss. We use Segment EBITDA to compare profitability among our segments and evaluate business strategies. This financial measure is included in the metrics used to determine incentive compensation for our senior management. We also consider Segment EBITDA to be a useful financial measure in evaluating our operating performance, as it provides investors, securities analysts and other interested parties with supplemental information regarding the underlying trends in our ongoing operations. Segment EBITDA includes revenue and expenses that are controllable by the segment. Corporate general and administrative expenses are allocated to the segments based on usage, with shared expenses apportioned based on the segment's percentage of consolidated revenue. Refer to the table on the following page for a reconciliation of net income to Segment EBITDA.
The following unaudited table reconciles Net Income to Segment EBITDA:
Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Net income $ 186 $ 282 $ 344 $ 552 Less: net income attributable to noncontrolling interest 1 1 1 1 Net income attributable to LKQ stockholders 185 281 343 551 Adjustments: Depreciation and amortization 100 70 200 135 Interest expense, net of interest income 62 42 123 75 Loss on debt extinguishment — — — 1 Provision for income taxes 82 109 153 203 Equity in earnings of unconsolidated subsidiaries (2 ) (2 ) — (5 ) Gains on foreign exchange contracts - acquisition related (1) — (23 ) — (46 ) Equity investment fair value adjustments 2 — 2 1 Restructuring and transaction related expenses 49 8 79 26 Restructuring expenses - cost of goods sold 6 — 14 — Segment EBITDA $ 484 $ 485 $ 914 $ 941 Net income attributable to LKQ stockholders as a percentage of revenue 5.0 % 8.1 % 4.6 % 8.1 % Segment EBITDA as a percentage of revenue 13.0 % 14.1 % 12.3 % 13.8 % (1) Related to the Uni-Select acquisition.
We have presented Segment EBITDA solely as a supplemental disclosure that offers investors, securities analysts and other interested parties useful information to evaluate our segment profit and loss and underlying trends in our ongoing operations. See paragraph under the previous table (revenue and Segment EBITDA by reportable segment) for details on the calculation of Segment EBITDA.
Segment EBITDA should not be construed as an alternative to operating income, net income or net cash provided by operating activities, as determined in accordance with accounting principles generally accepted in the United States. In addition, not all companies that report Segment EBITDA information calculate Segment EBITDA in the same manner as we do and, accordingly, our calculation is not necessarily comparable to similarly-named measures of other companies and may not be an appropriate measure for performance relative to other companies.
The following unaudited table reconciles Net Income and Diluted Earnings per Share to Adjusted Net Income and Adjusted Diluted Earnings per Share, respectively:
Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2024 2023 2024 2023 Net income $ 186 $ 282 $ 344 $ 552 Less: net income attributable to noncontrolling interest 1 1 1 1 Net income attributable to LKQ stockholders 185 281 343 551 Adjustments: Amortization of acquired intangibles 36 15 73 30 Restructuring and transaction related expenses 49 8 79 26 Restructuring expenses - cost of goods sold 6 — 14 — Loss on debt extinguishment — — — 1 Pre-acquisition interest expense, net of interest income (1) — 9 — 12 Gains on foreign exchange contracts - acquisition related (1) — (23 ) — (46 ) Excess tax benefit from stock-based payments — — (1 ) (2 ) Tax effect of adjustments (15 ) 1 (27 ) (2 ) Adjusted net income (2) $ 261 $ 291 $ 481 $ 570 Weighted average diluted common shares outstanding 265.6 268.2 266.7 268.3 Diluted earnings per share: Reported (2) $ 0.70 $ 1.05 $ 1.29 $ 2.06 Adjusted (2) $ 0.98 $ 1.09 $ 1.80 $ 2.12 (1) Related to the Uni-Select acquisition.
(2) Figures are for continuing operations attributable to LKQ stockholders.
We have presented Adjusted Net Income and Adjusted Diluted Earnings per Share as we believe these measures are useful for evaluating the core operating performance of our continuing business across reporting periods and in analyzing our historical operating results. We define Adjusted Net Income and Adjusted Diluted Earnings per Share as Net Income and Diluted Earnings per Share adjusted to eliminate the impact of net income and loss attributable to noncontrolling interest, income and loss from discontinued operations, restructuring and transaction related expenses, amortization expense related to all acquired intangible assets, gains and losses on debt extinguishment, changes in fair value of contingent consideration liabilities, other gains and losses related to acquisitions, equity method investments, or divestitures, impairment charges, direct impacts of the Ukraine/Russia conflict, interest and financing costs related to the Uni-Select transaction prior to closing, excess tax benefits and deficiencies from stock-based payments and any tax effect of these adjustments. The tax effect of these adjustments is calculated using the effective tax rate for the applicable period or for certain discrete items the specific tax expense or benefit for the adjustment. Given the variability and volatility of the amount of related transactions in a particular period, management believes that these costs are not core operating expenses and should be adjusted in our calculation of Adjusted Net Income. Our adjustment of the amortization of all acquisition-related intangible assets does not exclude the amortization of other assets, which represents expense that is directly attributable to ongoing operations. Management believes that the adjustment relating to amortization of acquisition-related intangible assets supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. The acquired intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. These financial measures are used by management in its decision making and overall evaluation of our operating performance and are included in the metrics used to determine incentive compensation for our senior management. Adjusted Net Income and Adjusted Diluted Earnings per Share should not be construed as alternatives to Net Income or Diluted Earnings per Share as determined in accordance with accounting principles generally accepted in the United States. In addition, not all companies that report measures similar to Adjusted Net Income and Adjusted Diluted Earnings per Share calculate such measures in the same manner as we do and, accordingly, our calculations are not necessarily comparable to similarly-named measures of other companies and may not be appropriate measures for performance relative to other companies.
The following unaudited table reconciles Forecasted Net Income and Diluted Earnings per Share to Forecasted Adjusted Net Income and Adjusted Diluted Earnings per Share, respectively:
Forecasted Fiscal Year 2024 (In millions, except per share data) Minimum Outlook Maximum Outlook Net income (1) $ 719 $ 772 Adjustments: Amortization of acquired intangibles 144 144 Restructuring and transaction related expenses 122 122 Tax effect of adjustments (56 ) (56 ) Adjusted net income (1) $ 929 $ 982 Weighted average diluted common shares outstanding 265.5 265.5 Diluted earnings per share: Reported (1) $ 2.71 $ 2.91 Adjusted (1) $ 3.50 $ 3.70 (1) Actuals and outlook figures are for continuing operations attributable to LKQ stockholders.
We have presented forecasted Adjusted Net Income and forecasted Adjusted Diluted Earnings per Share in our financial outlook. Refer to the discussion of Adjusted Net Income and Adjusted Diluted Earnings per Share for details on the calculation of these non-GAAP financial measures. In the calculation of forecasted Adjusted Net Income and forecasted Adjusted Diluted Earnings per Share, we included estimates of net income, amortization of acquired intangibles for the full fiscal year 2024, restructuring expenses under previously announced plans, and the related tax effect; we included for all other components the amounts incurred through June 30, 2024.
The following unaudited tables reconciles Net Cash Provided by Operating Activities to Free Cash Flow and Net Income to Adjusted EBITDA:
Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Net cash provided by operating activities $ 213 $ 480 $ 466 $ 703 Less: purchases of property, plant and equipment 80 66 146 136 Free cash flow $ 133 $ 414 $ 320 $ 567
Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Net income $ 186 $ 282 $ 344 $ 552 Less: net income attributable to noncontrolling interest 1 1 1 1 Net income attributable to LKQ stockholders 185 281 343 551 Adjustments: Depreciation and amortization 100 70 200 135 Interest expense, net of interest income 62 42 123 75 Loss on debt extinguishment — — — 1 Provision for income taxes 82 109 153 203 Gains on foreign exchange contracts - acquisition related (1) — (23 ) — (46 ) Adjusted EBITDA $ 429 $ 479 $ 819 $ 919 (1) Related to the Uni-Select acquisition.
We have presented free cash flow solely as a supplemental disclosure that offers investors, securities analysts and other interested parties useful information to evaluate our liquidity. We calculate free cash flow as net cash provided by operating activities, less purchases of property, plant and equipment. We believe free cash flow provides insight into our liquidity and provides useful information to management and investors concerning our cash flow available to meet future debt service obligations and working capital requirements, make strategic acquisitions, pay dividends and repurchase stock. We believe free cash flow is used by investors, securities analysts and other interested parties in evaluating the liquidity of other companies, many of which present free cash flow when reporting their results. This financial measure is included in the metrics used to determine incentive compensation for our senior management. Free cash flow should not be construed as an alternative to net cash provided by operating activities, as determined in accordance with accounting principles generally accepted in the United States. In addition, not all companies that report free cash flow information calculate free cash flow in the same manner as we do and, accordingly, our calculation is not necessarily comparable to similarly-named measures of other companies and may not be an appropriate measure for liquidity relative to other companies.
We also evaluate our free cash flow by measuring the conversion of Adjusted EBITDA into free cash flow. For the denominator of our conversion ratio, we calculate Adjusted EBITDA as Net Income excluding net income and loss attributable to noncontrolling interest, income and loss from discontinued operations, depreciation, amortization, interest, gains and losses on debt extinguishment, income tax expense, gains and losses on the disposal of businesses, and other unusual income and expense items that affect investing or financing cash flows. We exclude gains and losses on the disposal of businesses as the proceeds are included in investing cash flows, which is outside of free cash flow. Adjusted EBITDA should not be construed as an alternative to operating income, net income or net cash provided by operating activities, as determined in accordance with accounting principles generally accepted in the United States. In addition, not all companies that report Adjusted EBITDA information calculate Adjusted EBITDA in the same manner as we do and, accordingly, our calculation is not necessarily comparable to similarly-named measures of other companies and may not be an appropriate measure for performance relative to other companies.
The following unaudited table reconciles Forecasted Net Cash Provided by Operating Activities to Forecasted Free Cash Flow:
Forecasted Fiscal Year 2024 (In millions) Outlook Net cash provided by operating activities $ 1,200 Less: purchases of property, plant and equipment 350 Free cash flow $ 850 We have presented forecasted free cash flow in our financial outlook. Refer to the paragraph above for details on the calculation of free cash flow.

link hidden, please login to view

O’Reilly Automotive, Inc. Reports Second Quarter 2024 Results

By OReilly Auto Parts

SPRINGFIELD, Mo., July 24, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue for its second quarter ended June 30, 2024.
Second quarter comparable store sales growth of 2.3% 7% increase in year-to-date earnings per share to $19.75 $1.7 billion net cash provided by operating activities year-to-date SPRINGFIELD, Mo., July 24, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue for its second quarter ended June 30, 2024.
2nd Quarter Financial Results
Brad Beckham, O’Reilly’s CEO, commented, “I would like to thank all of Team O’Reilly for their tremendous hard work and unwavering commitment to providing excellent customer service and taking care of our customers every day. Our comparable store sales results were below our expectations for the second quarter, as the soft demand environment we experienced at the beginning of the quarter persisted through May. Sales trends improved in June, in line with our expectations, aided by strong performance in summer weather-related categories in many of our markets. Against this challenging backdrop, our Team generated a second quarter comparable store sales increase of 2.3%, on top of a 9.0% increase last year, driven by solid, mid-single digit growth in our professional business. Our Team of Professional Parts People continues to be relentlessly focused on delivering unsurpassed levels of service to our customers, while also prudently managing expenses.”
Sales for the second quarter ended June 30, 2024, increased $203 million, or 5%, to $4.27 billion from $4.07 billion for the same period one year ago. Gross profit for the second quarter increased 4% to $2.17 billion (or 50.7% of sales) from $2.09 billion (or 51.3% of sales) for the same period one year ago. Selling, general and administrative expenses (“SG&A”) for the second quarter increased 6% to $1.30 billion (or 30.5% of sales) from $1.23 billion (or 30.3% of sales) for the same period one year ago. Operating income for the second quarter increased 1% to $863 million (or 20.2% of sales) from $854 million (or 21.0% of sales) for the same period one year ago.
Net income for the second quarter ended June 30, 2024, decreased $5 million, or 1%, to $623 million (or 14.6% of sales) from $627 million (or 15.4% of sales) for the same period one year ago. Diluted earnings per common share for the second quarter increased 3% to $10.55 on 59 million shares versus $10.22 on 61 million shares for the same period one year ago.
Year-to-Date Financial Results
Mr. Beckham concluded, “Based on our results so far this year, we are updating our full-year comparable store sales guidance from a range of 3.0% to 5.0% to a range of 2.0% to 4.0%. Despite the challenges we have seen in the demand environment in the first half of 2024, we believe our industry’s long-term drivers for demand remain strong. More importantly, we remain confident in our Team’s ability to grow market share by continuously providing exceptional service, supported by best-in-class inventory availability. We continue to be pleased with our new store performance and our Team’s ability to further grow share with expansion in both new and existing markets. During the first half of 2024, we opened 64 new stores in the U.S. and Mexico, and we continue to expect to hit our target of 190 to 200 net, new store openings this year.”
Sales for the first six months of 2024 increased $472 million, or 6%, to $8.25 billion from $7.78 billion for the same period one year ago. Gross profit for the first six months of 2024 increased 6% to $4.20 billion (or 50.9% of sales) from $3.98 billion (or 51.1% of sales) for the same period one year ago. SG&A for the first six months of 2024 increased 7% to $2.59 billion (or 31.4% of sales) from $2.41 billion (or 30.9% of sales) for the same period one year ago. Operating income for the first six months of 2024 increased 3% to $1.62 billion (or 19.6% of sales) from $1.57 billion (or 20.2% of sales) for the same period one year ago.
Net income for the first six months of 2024 increased $26 million, or 2%, to $1.17 billion (or 14.2% of sales) from $1.14 billion (or 14.7% of sales) for the same period one year ago. Diluted earnings per common share for the first six months of 2024 increased 7% to $19.75 on 59 million shares versus $18.49 on 62 million shares for the same period one year ago.
2nd Quarter Comparable Store Sales Results
Comparable store sales are calculated based on the change in sales for U.S. stores open at least one year and exclude sales of specialty machinery, sales to independent parts stores, and sales to Team Members, as well as sales from Leap Day in the six months ended June 30, 2024. Online sales for ship-to-home orders and pick-up-in-store orders for U.S. stores open at least one year are included in the comparable store sales calculation. Comparable store sales increased 2.3% for the second quarter ended June 30, 2024, on top of 9.0% for the same period one year ago. Comparable store sales increased 2.8% for the six months ended June 30, 2024, on top of 9.8% for the same period one year ago.
Share Repurchase Program
During the second quarter ended June 30, 2024, the Company repurchased 0.8 million shares of its common stock, at an average price per share of $1,012.14, for a total investment of $794 million. During the first six months of 2024, the Company repurchased 1.0 million shares of its common stock, at an average price per share of $1,016.43, for a total investment of $1.06 billion. Excise tax on shares repurchased, assessed at one percent of the fair market value of shares repurchased, was $10.6 million for the six months ended June 30, 2024. Subsequent to the end of the second quarter and through the date of this release, the Company repurchased an additional 0.2 million shares of its common stock, at an average price per share of $1,036.84, for a total investment of $224 million. The Company has repurchased a total of 95.3 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through the date of this release, at an average price of $256.59, for a total aggregate investment of $24.47 billion. As of the date of this release, the Company had approximately $1.28 billion remaining under its current share repurchase authorization.
Updated Full-Year 2024 Guidance
The table below outlines the Company’s updated guidance for selected full-year 2024 financial data:
For the Year Ending December 31, 2024 Net, new store openings 190 to 200 Comparable store sales 2.0% to 4.0% Total revenue $16.6 billion to $16.9 billion Gross profit as a percentage of sales 51.0% to 51.5% Operating income as a percentage of sales 19.6% to 20.1% Effective income tax rate 22.4% Diluted earnings per share (1) $40.75 to $41.25 Net cash provided by operating activities $2.7 billion to $3.1 billion Capital expenditures $900 million to $1.0 billion Free cash flow (2) $1.8 billion to $2.1 billion As previously announced, the Company completed the acquisition of Groupe Del Vasto in Canada (“Vast Auto”) in January of 2024, and the results of Vast Auto’s operations have been included in the Company’s consolidated financial statements since the acquisition date. The above updated consolidated guidance for selected full-year 2024 financial data includes expected impacts from Vast Auto’s operations, including an updated estimate of 30 basis points of dilution to gross profit as a percentage of sales but an unchanged estimate of 15 basis points of dilution to operating income as a percentage of sales for the full-year 2024.
(1)  Weighted-average shares outstanding, assuming dilution, used in the denominator of this calculation, includes share repurchases made by the Company through the date of this release.
(2)  Free cash flow is a non-GAAP financial measure. The table below reconciles Free cash flow guidance to Net cash provided by operating activities guidance, the most directly comparable GAAP financial measure:
For the Year Ending (in millions) December 31, 2024 Net cash provided by operating activities $ 2,715 to $ 3,125 Less: Capital expenditures 900 to 1,000 Excess tax benefit from share-based compensation payments 15 to 25 Free cash flow $ 1,800 to $ 2,100 Non-GAAP Information
This release contains certain financial information not derived in accordance with United States generally accepted accounting principles (“GAAP”). These items include adjusted debt to earnings before interest, taxes, depreciation, amortization, share-based compensation, and rent (“EBITDAR”) and free cash flow. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information. The Company believes that the presentation of adjusted debt to EBITDAR and free cash flow provide meaningful supplemental information to both management and investors that is indicative of the Company’s core operations. The Company has included a reconciliation of this additional information to the most comparable GAAP measure in the table above and the selected financial information below.
Earnings Conference Call Information
The Company will host a conference call on Thursday, July 25, 2024, at 10:00 a.m. Central Time to discuss its results as well as future expectations. Investors may listen to the conference call live on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (888) 506-0062 and the conference call identification number is 298734. A replay of the conference call will be available on the Company’s website through Thursday, July 24, 2025.
About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at link hidden, please login to view for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of June 30, 2024, the Company operated 6,244 stores across 48 U.S. states, Puerto Rico, Mexico, and Canada.
Forward-Looking Statements
The Company claims the protection of the safe-harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as “estimate,” “may,” “could,” “will,” “believe,” “expect,” “would,” “consider,” “should,” “anticipate,” “project,” “plan,” “intend,” “guidance,” “target,” or similar words. In addition, statements contained within this press release that are not historical facts are forward-looking statements, such as statements discussing, among other things, expected growth, store development, integration and expansion strategy, business strategies, future revenues, and future performance. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events and results. Such statements are subject to risks, uncertainties, and assumptions, including, but not limited to, the economy in general; inflation; consumer debt levels; product demand; a public health crisis; the market for auto parts; competition; weather; tariffs; availability of key products and supply chain disruptions; business interruptions, including terrorist activities, war and the threat of war; failure to protect our brand and reputation; challenges in international markets; volatility of the market price of our common stock; our increased debt levels; credit ratings on public debt; damage, failure, or interruption of information technology systems, including information security and cyber-attacks; historical growth rate sustainability; our ability to hire and retain qualified employees; risks associated with the performance of acquired businesses; and governmental regulations. Actual results may materially differ from anticipated results described or implied in these forward-looking statements. Please refer to the “Risk Factors” section of the annual report on Form 10-K for the year ended December 31, 2023, and subsequent Securities and Exchange Commission filings, for additional factors that could materially affect the Company’s financial performance. Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
For further information contact: Investor Relations Contacts Mark Merz (417) 829-5878 Eric Bird (417) 868-4259 Media Contact Sonya Cox (417) 829-5709
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) June 30, 2024 June 30, 2023 December 31, 2023      (Unaudited)      (Unaudited)      (Note) Assets Current assets: Cash and cash equivalents $ 145,042 $ 57,880 $ 279,132 Accounts receivable, net 475,596 374,714 375,049 Amounts receivable from suppliers 144,303 138,666 140,443 Inventory 4,788,686 4,626,410 4,658,367 Other current assets 125,861 113,597 105,311 Total current assets 5,679,488 5,311,267 5,558,302 Property and equipment, at cost 8,730,297 7,872,672 8,312,367 Less: accumulated depreciation and amortization 3,434,610 3,170,474 3,275,387 Net property and equipment 5,295,687 4,702,198 5,036,980 Operating lease, right-of-use assets 2,240,314 2,185,196 2,200,554 Goodwill 1,000,074 897,128 897,696 Other assets, net 177,619 180,834 179,463 Total assets $ 14,393,182 $ 13,276,623 $ 13,872,995 Liabilities and shareholders’ deficit Current liabilities: Accounts payable $ 6,226,238 $ 6,219,838 $ 6,091,700 Self-insurance reserves 125,859 131,781 128,548 Accrued payroll 143,194 127,333 138,122 Accrued benefits and withholdings 186,715 150,453 174,650 Income taxes payable 89,344 233,507 7,860 Current portion of operating lease liabilities 401,713 380,618 389,536 Other current liabilities 950,145 450,169 730,937 Total current liabilities 8,123,208 7,693,699 7,661,353 Long-term debt 5,397,774 4,873,702 5,570,125 Operating lease liabilities, less current portion 1,912,036 1,870,392 1,881,344 Deferred income taxes 335,600 260,642 295,471 Other liabilities 207,956 205,661 203,980 Shareholders’ equity (deficit): Common stock, $0.01 par value: Authorized shares – 245,000,000 Issued and outstanding shares – 58,238,711 as of June 30, 2024, and 60,402,359 as of June 30, 2023, and 59,072,792 as of December 31, 2023 582 604 591 Additional paid-in capital 1,415,799 1,330,270 1,352,275 Retained deficit (3,008,665 ) (2,994,418 ) (3,131,532 ) Accumulated other comprehensive income 8,892 36,071 39,388 Total shareholders’ deficit (1,583,392 ) (1,627,473 ) (1,739,278 ) Total liabilities and shareholders’ deficit $ 14,393,182 $ 13,276,623 $ 13,872,995 Note: The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30, June 30,      2024      2023      2024      2023 Sales $ 4,272,201 $ 4,068,991 $ 8,248,441 $ 7,776,855 Cost of goods sold, including warehouse and distribution expenses 2,104,141 1,982,409 4,046,209 3,799,944 Gross profit 2,168,060 2,086,582 4,202,232 3,976,911 Selling, general and administrative expenses 1,304,762 1,232,809 2,586,453 2,406,493 Operating income 863,298 853,773 1,615,779 1,570,418 Other income (expense):             Interest expense (54,831 ) (49,587 ) (111,979 ) (94,159 ) Interest income 1,528 760 3,184 1,628 Other, net 1,561 4,186 4,962 8,665 Total other expense (51,742 ) (44,641 ) (103,833 ) (83,866 ) Income before income taxes 811,556 809,132 1,511,946 1,486,552 Provision for income taxes 188,708 181,767 341,860 342,302 Net income $ 622,848 $ 627,365 $ 1,170,086 $ 1,144,250 Earnings per share-basic:             Earnings per share $ 10.61 $ 10.32 $ 19.88 $ 18.66 Weighted-average common shares outstanding – basic 58,679 60,817 58,849 61,324 Earnings per share-assuming dilution:             Earnings per share $ 10.55 $ 10.22 $ 19.75 $ 18.49 Weighted-average common shares outstanding – assuming dilution 59,044 61,366 59,250 61,878
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands) For the Six Months Ended June 30,      2024      2023 Operating activities:       Net income $ 1,170,086 $ 1,144,250 Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation and amortization of property, equipment and intangibles 222,885 191,673 Amortization of debt discount and issuance costs 3,201 2,431 Deferred income taxes 18,175 13,507 Share-based compensation programs 14,229 14,571 Other 5,215 75 Changes in operating assets and liabilities:       Accounts receivable (79,475 ) (31,443 ) Inventory (85,137 ) (257,337 ) Accounts payable 117,582 335,299 Income taxes payable 81,228 261,208 Other 185,085 (22,865 ) Net cash provided by operating activities 1,653,074 1,651,369 Investing activities:       Purchases of property and equipment (474,607 ) (460,942 ) Proceeds from sale of property and equipment 7,528 7,056 Investment in tax credit equity investments — (4,149 ) Other, including acquisitions, net of cash acquired (155,376 ) (1,971 ) Net cash used in investing activities (622,455 ) (460,006 ) Financing activities:       Proceeds from borrowings on revolving credit facility 30,000 2,776,000 Payments on revolving credit facility (30,000 ) (1,976,000 ) Net payments of commercial paper (173,500 ) — Principal payments on long-term debt — (300,000 ) Payment of debt issuance costs — (24 ) Repurchases of common stock (1,063,791 ) (1,791,451 ) Net proceeds from issuance of common stock 73,790 48,680 Other (569 ) (354 ) Net cash used in financing activities (1,164,070 ) (1,243,149 ) Effect of exchange rate changes on cash (639 ) 1,083 Net decrease in cash and cash equivalents (134,090 ) (50,703 ) Cash and cash equivalents at beginning of the period 279,132 108,583 Cash and cash equivalents at end of the period $ 145,042 $ 57,880 Supplemental disclosures of cash flow information:       Income taxes paid $ 80,401 $ 65,361 Interest paid, net of capitalized interest 110,449 88,924
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
(Unaudited) For the Twelve Months Ended June 30, Adjusted Debt to EBITDAR:      2024      2023 (In thousands, except adjusted debt to EBITDAR ratio)       GAAP debt $ 5,397,774 $ 4,873,702 Add: Letters of credit 137,501 111,428 Unamortized discount and debt issuance costs 27,226 26,298 Six-times rent expense 2,625,438 2,455,938 Adjusted debt $ 8,187,939 $ 7,467,366 GAAP net income $ 2,372,417 $ 2,258,260 Add: Interest expense 219,488 179,654 Provision for income taxes 657,727 636,388 Depreciation and amortization 440,273 381,561 Share-based compensation expense 27,169 28,327 Rent expense (i) 437,573 409,323 EBITDAR $ 4,154,647 $ 3,893,513 Adjusted debt to EBITDAR 1.97 1.92 (i)   The table below outlines the calculation of Rent expense and reconciles Rent expense to Total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the twelve months ended June 30, 2024 and 2023 (in thousands):
For the Twelve Months Ended June 30, 2024 2023 Total lease cost, per ASC 842      $ 520,327 $ 485,805 Less: Variable non-contract operating lease components, related to property taxes and insurance 82,754 76,482 Rent expense $ 437,573 $ 409,323
June 30,      2024 2023 Selected Balance Sheet Ratios:       Inventory turnover (1) 1.7 1.7 Average inventory per store (in thousands) (2) $ 767 $ 762 Accounts payable to inventory (3) 130.0% 134.4%
For the Three Months Ended For the Six Months Ended June 30, June 30,      2024      2023      2024      2023 Reconciliation of Free Cash Flow (in thousands):             Net cash provided by operating activities $ 948,859 $ 937,605 $ 1,653,074 $ 1,651,369 Less: Capital expenditures 225,367 237,674 474,607 460,942 Excess tax benefit from share-based compensation payments 5,258 14,612 21,378 18,990 Investment in tax credit equity investments — 4,149 — 4,149 Free cash flow $ 718,234 $ 681,170 $ 1,157,089 $ 1,167,288
For the Three Months Ended For the Six Months Ended June 30, June 30,      2024      2023      2024      2023 Revenue Disaggregation (in thousands): Sales to do-it-yourself customers $ 2,149,044 $ 2,130,002 $ 4,151,030 $ 4,048,469 Sales to professional service provider customers 1,999,704 1,853,364 3,869,444 3,565,328 Other sales, sales adjustments, and sales from the acquired Vast Auto stores 123,453 85,625 227,967 163,058 Total sales $ 4,272,201 $ 4,068,991 $ 8,248,441 $ 7,776,855
For the Three Months Ended For the Six Months Ended For the Twelve Months Ended June 30, June 30, June 30,      2024      2023      2024     2023      2024      2023 Store Count: Beginning domestic store count 6,131 5,986 6,095 5,929 6,027 5,873 New stores opened 21 41 57 100 126 158 Stores closed — — — (2 ) (1 ) (4 ) Ending domestic store count 6,152 6,027 6,152 6,027 6,152 6,027 Beginning Mexico store count 63 43 62 42 44 27 New stores opened 6 1 7 2 25 17 Ending Mexico store count 69 44 69 44 69 44 Beginning Canada store count 23 — — — — — Stores acquired — — 23 — 23 — Ending Canada store count 23 — 23 — 23 — Total ending store count 6,244 6,071 6,244 6,071 6,244 6,071
For the Three Months Ended For the Twelve Months Ended June 30, June 30,      2024      2023      2024      2023 Store and Team Member Information: Total employment 91,874 90,670    Square footage (in thousands) (4) 47,500 45,622 Sales per weighted-average square foot (4)(5) $ 87.88 $ 88.12 $ 341.51 $ 334.21 Sales per weighted-average store (in thousands) (4)(6) $ 677 $ 665 $ 2,613 $ 2,516 (1) Calculated as cost of goods sold for the last 12 months divided by average inventory. Average inventory is calculated as the average of inventory for the trailing four quarters used in determining the denominator.
(2) Calculated as inventory divided by store count at the end of the reported period.
(3) Calculated as accounts payable divided by inventory.
(4) Represents O’Reilly’s U.S. and Puerto Rico operations only.
(5) Calculated as sales less jobber sales, divided by weighted-average square footage. Weighted-average square footage is determined by weighting store square footage based on the approximate dates of store openings, acquisitions, expansions, or closures.
(6) Calculated as sales less jobber sales, divided by weighted-average stores. Weighted-average stores is determined by weighting stores based on their approximate dates of openings, acquisitions, or closures.

link hidden, please login to view

Genuine Parts Company Reports Second Quarter 2024 Results and Revises Full-Year Outlook

By NAPA

ATLANTA, July 23, 2024 /
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 second quarter ended June 30, 2024. "I want to thank each of our global GPC teammates for their hard work and dedication to serving our customers," said Will Stengel, President and Chief Executive Officer. "Our quarterly results reflect softer than expected market conditions, which are tempering demand particularly in our Industrial and U.S. and European Automotive businesses. Despite a challenging macro-environment, our teams are operating well and remain focused on executing our long-term strategic initiatives."
Second Quarter 2024 Results
Sales were $6.0 billion, a 0.8% increase compared to $5.9 billion in the same period of the prior year. The sales result is attributable to a 2.2% benefit from acquisitions, partially offset by a 0.9% decrease in comparable sales and 0.5% unfavorable impact of foreign currency and other.
Net income was $296 million, or $2.11 per diluted earnings per share. This compares to net income of $344 million, or $2.44 per diluted share in the prior year period.
Adjusted net income was $342 million which excludes a net expense of $46 million of after tax adjustments, or $0.33 per diluted share, in costs related to our global restructuring initiative and the acquisition of Motor Parts and Equipment Corporation. This compares to net income of $344 million for the same three-month period of the prior year, a decrease of 0.9%. On a per share diluted basis, adjusted net income was $2.44, in-line with the same period of the prior year. Refer to the reconciliation of GAAP net income to adjusted net income and GAAP diluted earnings per share to adjusted diluted earnings per share for more information.
Second Quarter 2024 Segment Highlights
Automotive Parts Group ("Automotive")
Global Automotive sales were $3.7 billion, up 2.0% from the same period in 2023, reflecting a 3.1% benefit from acquisitions, partially offset by a 0.6% decrease in comparable sales and 0.5% unfavorable impact of foreign currency and other. Segment profit of $314 million decreased 4.7%, with segment profit margin of 8.4%, down 60 basis points from last year.
Industrial Parts Group ("Industrial")
Industrial sales were $2.2 billion, down 1.1% from the same period in 2023, with a 0.7% benefit from acquisitions, offset by a 1.6% decrease in comparable sales and 0.2% unfavorable impact of foreign currency. Segment profit of $277 million decreased 2.3%, with segment profit margin of 12.4%, down 10 basis points from the same period of the prior year.
Six Months 2024 Results
Sales for the six months ended June 30, 2024 were $11.7 billion, up 0.6% from the same period in 2023. Net income for the six months was $544 million, or $3.89 per diluted share, compared to $4.58 per diluted share in the prior year period. Adjusted net income increased 0.6% to $652 million in the first half of 2024 compared to net income of $648 million in the prior year period. Adjusted diluted earnings per share was $4.66 compared to $4.58 in the prior year period, an increase of 1.7%.
Balance Sheet, Cash Flow and Capital Allocation
The company generated cash flow from operations of $612 million for the first six months of 2024. Net cash used in investing activities was $762 million, including $259 million for capital expenditures and $580 million for M&A. The company also used $382 million in cash for financing activities, including $272 million for quarterly dividends paid to shareholders and $75 million for stock repurchases. Free cash flow was $353 million for the first six months of 2024. 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 $2.0 billion of total liquidity. Total liquidity comprises of $555 million in cash and cash equivalents and $1.4 billion of our $1.5 billion revolving credit facility available after the effect of $100 million of commercial paper outstanding as of June 30, 2024.
2024 Outlook
The company is revising full-year 2024 guidance previously provided in its earnings release on April 18, 2024. 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.
For the Year Ending December 31, 2024
Previous Outlook
Updated Outlook
Total sales growth
3% to 5%
1% to 3%
Automotive sales growth
2% to 4%
1% to 3%
Industrial sales growth
3% to 5%
0% to 2%
Diluted earnings per share
$9.05 to $9.20
$8.55 to $8.75
Adjusted diluted earnings per share
$9.80 to $9.95
$9.30 to $9.50
Effective tax rate
Approximately 24%
Approximately 24%
Net cash provided by operating activities
$1.3 billion to $1.5 billion
$1.3 billion to $1.5 billion
Free cash flow
$800 million to $1.0 billion
$800 million to $1.0 billion
Non-GAAP Information
This release contains certain financial information not derived in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). These items include adjusted net income, adjusted diluted earnings per share and free cash flow. We believe that the presentation of adjusted net income, adjusted diluted earnings per share and free cash flow, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provide meaningful supplemental information to both management and investors that is indicative of our core operations. We considered these metrics useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance by removing items management believes are not representative of our operations and may distort our longer-term operating trends. For example, for the three and six months ended June 30, 2024, adjusted net income and adjusted diluted earnings per share exclude costs relating to our global restructuring initiative and acquisition of Motor Parts and Equipment Corporation, which are one-time events that do not recur in the ordinary course of our business. We believe these measures are useful and enhance the comparability of our results from period to period and with our competitors, as well as show ongoing results from operations distinct from items that are infrequent or not associated with our core operations. We do not, nor do we suggest investors should, consider such non-GAAP financial measures as superior to, in isolation from, or as a substitute for, GAAP financial information. We have included a reconciliation of this additional information to the most comparable GAAP measure following the financial statements below. We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include acquisition-related costs, litigation charges or settlements, impairment charges, and certain other unusual adjustments.
Comparable Sales
Comparable sales is a key metric that refers to period-over-period comparisons of our sales excluding the impact of acquisitions, foreign currency and other. Our calculation of comparable sales is computed using total business days for the period. The company considers this metric useful to investors because it provides greater transparency into management's view and assessment of the company's core ongoing operations. This is a metric that is widely used by analysts, investors and competitors in our industry, although our calculation of the metric may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate this metric in the same manner.
Conference Call
Genuine Parts Company will hold a conference call today at 8:30 a.m. Eastern Time to discuss the results of the quarter. A supplemental earnings deck will also be available for reference. Interested parties may listen to the call and view the supplemental earnings deck on the
link hidden, please login to view. The call is also available by dialing 800-836-8184. A replay of the call will be available on the company's website or toll-free at 888-660-6345, conference ID 93997#, two hours after the completion of the call. About Genuine Parts Company
Established in 1928, Genuine Parts Company is a leading global service organization specializing in the distribution of automotive and industrial replacement parts. Our Automotive Parts Group operates across the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal, while our Industrial Parts Group serves customers in the U.S., Canada, Mexico and Australasia. We keep the world moving with a vast network of over 10,700 locations spanning 17 countries supported by more than 60,000 teammates. Learn more at
link hidden, please login to view. Forward-Looking Statements
Some statements in this release, as well as in other materials we file with the Securities and Exchange Commission (SEC), release to the public, or make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in the future tense and all statements accompanied by words such as "expect," "likely," "outlook," "forecast," "preliminary," "would," "could," "should," "position," "will," "project," "intend," "plan," "on track," "anticipate," "to come," "may," "possible," "assume," or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include our view of business and economic trends for the remainder of the year, our expectations regarding our ability to capitalize on these business and economic trends and to execute our strategic priorities, and the revised full-year 2024 financial guidance provided above. Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking.
We caution you that all forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors may include, among other things, changes in general economic conditions, including unemployment, inflation (including the impact of tariffs) or deflation, financial institution disruptions and geopolitical conflicts such as the conflict between Russia and Ukraine, the conflict in the Gaza strip and other unrest in the Middle East; volatility in oil prices; significant cost increases, such as rising fuel and freight expenses; public health emergencies, including the effects on the financial health of our business partners and customers, on supply chains and our suppliers, on vehicle miles driven as well as other metrics that affect our business, and on access to capital and liquidity provided by the financial and capital markets; our ability to maintain compliance with our debt covenants; our ability to successfully integrate acquired businesses into our operations and to realize the anticipated synergies and benefits; our ability to successfully implement our business initiatives in our two business segments; slowing demand for our products; the ability to maintain favorable supplier arrangements and relationships; changes in national and international legislation or government regulations or policies, including changes to import tariffs, environmental and social policy, infrastructure programs and privacy legislation, and their impact to us, our suppliers and customers; changes in tax policies; volatile exchange rates; our ability to successfully attract and retain employees in the current labor market; uncertain credit markets and other macroeconomic conditions; competitive product, service and pricing pressures; failure or weakness in our disclosure controls and procedures and internal controls over financial reporting, including as a result of the work from home environment; the uncertainties and costs of litigation; disruptions caused by a failure or breach of our information systems, as well as other risks and uncertainties discussed in our Annual Report on Form 10-K for 2023 and from time to time in our subsequent filings with the SEC.
Forward-looking statements speak only as of the date they are made, and we undertake no duty to update any forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the SEC.

link hidden, please login to view

LKQ Corporation Appoints Andrew Clarke to Board of Directors

By Auto News

link hidden, please login to view

Gabriel Announces Launch of New Website

By Counterman

Gabriel announced the launch of its all-new website on
link hidden, please login to view., which the company said, “offers a modern user-friendly experience with fresh SEO-enriched content, vivid product images, a vast video library, online & retail dealer locators, mobile friendly interface and easy to navigate structure.” In a news release, Gabriel also announced the launch of its new centralized Part Finder. In addition to traditional search capabilities by vehicle year/make/ model, Gabriel’s new website part finder also offers extensive search capabilities based on OEM, competitors or Gabriel part numbers, and now includes part position on the vehicle such as front, rear, or cab shock positions, the company said.
“Our new website reflects Gabriel’s customer focus and commitment to providing the best ride control products, quality content, and premium service available in today’s market,” says Jennifer McKheen, Gabriel’s vice president and general manager. “As the ride control industry experts, Gabriel is excited to launch this website as the foundation for exceptional service and our successful journey in digital growth.”
The company added that quick links are easily available for each of Gabriel’s social media accounts, encouraging customers to easily keep up with Gabriel’s social posts and events in the digital landscape.
The post
link hidden, please login to view appeared first on link hidden, please login to view.
link hidden, please login to view

Sign In

Welcome to Auto Parts Forum

LKQ Corporation Announces Results for Third Quarter 2022

Recommended Posts

Auto News

Link to comment

Share on other sites

Join the conversation

Similar Topics

Activity

Leaderboard

Parts

Buy Tires