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LKQ Corporation Announces Results For Fourth Quarter And Full Year 2018


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    • By Counterman
      MEMA, the leading trade association in North America representing motor vehicle component manufacturers, announced a new business structure to better position the organization and the vehicle supplier community for the future.
      The 118-year-old organization will now operate under one umbrella – MEMA – and represent automotive and commercial vehicle suppliers with two groups: MEMA Aftermarket Suppliers Group and MEMA Original Equipment Suppliers Group.
      Over recent decades, MEMA’s reach and influence expanded through four divisions as the industry evolved: Automotive Aftermarket Suppliers Associations (AASA); Heavy Duty Manufacturers Association (HDMA); MERA – The Association for Sustainable Manufacturing; and Original Equipment Suppliers Association (OESA).
      “Today, rapid changes are impacting our industry and we must be more adaptive and agile to respond,” said Bill Long, president and CEO, MEMA. “These industry challenges are not unique to one market segment but affect the entire membership. We must position MEMA for the future in a way that supports our vision of a growing, profitable and influential supplier community.”  
      According to Long, MEMA’s mission, vision and dedication to its members and the automotive, commercial vehicle and remanufacturing industries have not changed. It remains focused on advancing business interests of vehicle suppliers and working to successfully navigate the future of transportation and sustainability.
      “No other organization can compare with MEMA’s longevity, respect, depth of knowledge and commitment to the supplier industry,” said Long. “With these changes, we leverage one MEMA, providing more services to all members in each respective market segment, greater platforms for industry dialogue and one collective voice on behalf of our members.”
      To learn more, representatives from every MEMA member organization have been invited to attend a members-only MEMA Town Hall on Dec. 8.
      The association will formally kick off the new brand and organizational structure in January 2023.
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    • By AutoZone
      MEMPHIS, Tenn. , Nov. 16, 2022 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), the leading retailer and distributor of automotive replacement parts and accessories in the Americas , will release results for its first quarter ended Saturday, November 19, 2022 , before market open on Tuesday,
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    • By Advance Auto Parts
      Q3 Net Sales Increased 0.8% to $2.6 Billion; Year to Date Increased 1.0%
      Returned $167 Million to Shareholders in Q3; Year to Date Returned $860 Million
      Reiterates Net Sales, Comparable Store Sales and Adjusted Operating Income Margin Guidance
      RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, announced its financial results for the third quarter ended October 8, 2022.
      "I want to thank the entire family of Advance team members as well as our growing network of independent partners for their continued dedication,” said Tom Greco, president and chief executive officer. “We continue to execute our strategy to drive full year net sales growth and adjusted operating income margin expansion while returning excess cash to shareholders. In the third quarter, net sales grew 0.8% which benefited from improvements in strategic pricing and new stores, while comparable store sales declined by 0.7% in-line with previous guidance. Our deliberate move to increase owned brand penetration, which carries a lower price point, reduced net sales by approximately 80 basis points and comp sales by approximately 90 basis points. We also continued to invest in our business while returning approximately $860 million in cash to our shareholders through the first three quarters of 2022.
      “We’re reiterating our full year guidance that implies 20 to 40 basis points of adjusted operating income margin expansion, despite margins contracting in the third quarter. 2022 will be the second consecutive year that we have grown adjusted operating income margins in a highly inflationary environment. Our industry has proven to be resilient, and the fundamental drivers of demand remain positive. While we continue to execute against our long-term strategic plan, we’re not satisfied with our relative topline performance versus the industry this year and are taking measured, deliberate actions to accelerate growth.”
      Third Quarter 2022 Results (1)
      Net sales increased 0.8% to $2.6 billion Comparable store sales (2) decreased 0.7% Gross profit decreased 0.2% to $1.2 billion; Adjusted gross profit (3) increased 2.9% to $1.2 billion Gross profit margin decreased 44 basis points to 44.7% of Net sales; Adjusted gross profit margin (3) increased 98 basis points to 47.2% of Net sales SG&A increased 5.2% to $1.0 billion; Adjusted SG&A (3) increased 5.4% to $989.3 million SG&A was 38.0% of Net sales compared with 36.4% of Net sales; Adjusted SG&A (3) was 37.5% of Net sales compared with 35.8% of Net sales Operating income decreased 22.7% to $177.2 million; Adjusted operating income (3) decreased 5.8% to $258.0 million Operating income margin was 6.7% of Net sales compared with 8.7% of Net sales; Adjusted operating income margin (3) was 9.8% of Net sales compared with 10.4% of Net sales Diluted EPS decreased 31.3% to $1.84; Adjusted diluted EPS (3) decreased 11.5% to $2.84 Net cash provided by operating activities through the third quarter was $483.1 million; Free cash flow (3) through the third quarter was an inflow of $149.5 million Opened 37 new store and branch locations in the third quarter Third quarter of 2022 Net sales totaled $2.6 billion, a 0.8% increase compared with the third quarter of the prior year, primarily driven by strategic pricing and new store openings. Comparable store sales for the third quarter of 2022 decreased 0.7%, which was impacted by increased owned brand penetration, which has a lower price point than national brands.
      The company's GAAP Gross profit decreased 0.2% to $1.2 billion. Adjusted gross profit increased 2.9% to $1.2 billion. The company's GAAP Gross profit margin of 44.7% of Net sales decreased 44 basis points compared with the third quarter of the prior year. Adjusted gross profit margin increased 98 basis points to 47.2% of Net sales, compared with 46.2% in the third quarter of 2021. This was primarily driven by improvements in strategic pricing and product mix as well as owned brand expansion. These headwinds were partially offset by continued inflationary product costs and unfavorable channel mix.
      The company's GAAP SG&A was 38.0% of Net sales compared with 36.4% in the third quarter of 2021. Adjusted SG&A increased to $989.3 million from $938.2 million in the third quarter of the prior year. On an adjusted basis, SG&A was 37.5% of Net sales, which deleveraged 166 basis points compared with the third quarter of 2021. This was primarily driven by inflation in store labor, medical and fuel costs.
      On a GAAP basis, the company's Operating income was $177.2 million, or 6.7% of Net sales, compared with 8.7% in the third quarter of 2021. The company's Adjusted operating income was $258.0 million, a decrease of 5.8% versus the third quarter of the prior year. Adjusted operating income margin decreased 68 basis points to 9.8% of Net sales compared with 10.4% of Net sales in the third quarter of the prior year.
      The company's effective tax rate was 24.7%, compared with 23.7% in the third quarter of 2021. On a GAAP basis, the company's Diluted EPS was $1.84, a decrease of 31.3% from $2.68 in the third quarter of 2021. The company's Adjusted Diluted EPS was $2.84, a decrease of 11.5% from $3.21 in the third quarter of the prior year. On both a GAAP and adjusted basis, the company’s diluted EPS was negatively affected by approximately $0.20 as a result of foreign currency impact in the quarter.
      Net cash provided by operating activities was $483.1 million through the third quarter of 2022 versus $924.9 million in the same period of the prior year. The decrease was primarily driven by lower Net income and working capital. Free cash flow through the third quarter of 2022 was $149.5 million compared with $734.0 million in the same period of the prior year.
      ____________________
      (1) All comparisons are based on the same time period in the prior year.
      (2) Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.
      (3) For a better understanding of the company's adjusted results, refer to the reconciliation of non-GAAP adjustments in the accompanying financial tables included herein.
      Capital Allocation
      During the third quarter of 2022, the company repurchased 0.4 million shares of its common stock at an aggregate cost of $75.0 million, or an average price of $168.93 per share, in connection with its share repurchase program. At the end of the third quarter of 2022, the company had $1.0 billion remaining under the share repurchase program.
      On November 7, 2022, the company declared a regular cash dividend of $1.50 per share to be paid on January 3, 2023 to all common stockholders of record as of December 16, 2022.
      Full Year 2022 Guidance
      Jeff Shepherd, executive vice president and chief financial officer, commented, “As we begin the final quarter of 2022, we’re reiterating our full year guidance for net sales growth, comparable store sales and adjusted operating income margin expansion. In addition, we’re updating our adjusted diluted EPS guidance range to reflect the impact of foreign currency. Finally, getting more parts closer to our customers is a top priority. Therefore, we’re making strategic inventory investments to improve our availability, which is an important step to accelerate growth in 2023. Inventory is the primary driver of our reduced free cash flow guidance.”

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    • By Counterman
      The Aftermarket Warehouse Distributors Association (AWDA), a community of the Auto Care Association, has announced the addition of its newest officers and governors immediately following the conclusion of AAPEX 2022 in Las Vegas.
      Effective Nov. 4, the new AWDA chair is Ashlee Arnold, vice president at Arnold Oil Company of Austin, Texas. Arnold succeeds Ryan Samuels of Samuels Inc., who successfully led the association the previous two years and remains on the board as immediate past chair.
      Including Arnold, AWDA’s new officers are:
      Chair – Ashlee Arnold, Arnold Oil Company of Austin Vice chair – Dan Hanson Jr., Hanson Distributing Company Secretary – Chase Baxley, The Parts House (Florida) “In its 75 years, AWDA has had the benefit of strong leadership to guide this proud organization through good and not so good times,” said Ted Hughes, executive director of the AWDA. “These leaders represent the next generation of leadership for this great organization, and I am proud to work with them.”
      AWDA’s new governors-at-large are:
      Ryan Bickle, Warehouse Inc. / S&W Supply Joshua Futerman, Hahn Automotive Warehouse Inc. Mike Harris, FleetPride Lanny Martindale, 4M Parts Warehouse Shawn Senior, Eastern Warehouse Distributors Inc. “AWDA’s nominating committee insists that, if asked, any incoming governor must be qualified to serve as chairman,” said Hughes. “The result of this long-standing tradition is a consistent supply of high-quality board members who are interested, engaged and committed to traditional distribution, the aftermarket and their association.”
      In the coming year, the AWDA board will support and represent traditional distribution within the Auto Care Association and the aftermarket industry at large. AWDA also will continue its long tradition of supporting industry education through significant donations to the University of the Aftermarket Foundation.
      AWDA represents the top distributors and manufacturers of motor vehicle parts nationwide. The 75-year-old organization is a key segment of the Auto Care Association.
      Learn more about AWDA at
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