LKQ Company LKQ delivered adjusted earnings of 82 cents per share for first-quarter 2024, which missed the Zacks Consensus Estimate of 94 cents and decreased from $1.04 reported within the year-ago interval.
The aftermarket auto elements distributor registered quarterly revenues of $3.7 billion, lacking the Zacks Consensus Estimate of $3.79 billion. The highest line, nonetheless, grew from the year-ago stage of $3.35 billion. Components and providers natural revenues decreased 0.3% 12 months over 12 months.
LKQ Company Worth, Consensus and EPS Shock
LKQ Corporation price-consensus-eps-surprise-chart | LKQ Company Quote
Section Highlights
Within the reported quarter, revenues from the Wholesale North American section totaled $1.5 billion, rising 22% 12 months over 12 months however lacking our estimate of $1.54 billion. The section’s EBITDA was $244 million, which was barely above our forecast of $243.7 million however decrease than $252 million generated within the first quarter of 2023.
Revenues from the European section had been $1.64 billion, which elevated 5.7% 12 months over 12 months however missed our estimate of $1.71 billion. The section’s EBITDA got here in at $143 million, which decreased from the year-ago stage of $151 million and missed our forecast of $152.4 million.
Revenues from the Specialty section got here in at $423 million, rising 6.5% 12 months over 12 months and beating our projection of $401.4 million. The section’s EBITDA was $27 million, which declined from the year-ago determine of $31 million and missed our forecast of $33.1 million.
Revenues from the Self-Service section totaled $137 million, down 18.9% 12 months over 12 months. The metric additionally missed our prediction of $141.6 million. The section’s EBITDA was $16 million, which outpaced our estimate of $8.5 million however declined from $22 million reported within the year-ago interval.
Monetary Place & Dividend
LKQ had money and money equivalents of $344 million as of Mar 31, 2024, up from $299 million recorded as of Dec 31, 2023. The long-term obligations (excluding the present portion) amounted to $4.16 billion as of Mar 31, 2024, up from $3.65 billion recorded as of Dec 31, 2023. As of Mar 31, 2024, LKQ’s steadiness sheet mirrored a complete debt of $4.3 billion.
Throughout the first quarter of 2024, money move offered by working actions totaled $253 million. The corporate recorded a optimistic free money move of $187 million.
Throughout the first quarter of 2024, the corporate repurchased 0.6 million shares value $30 million. Within the interval between initiating the inventory buyback program in late October 2018 and Mar 31, 2024, it repurchased round 57 million shares for a complete of $2.5 billion.
On Apr 22, 2024, LKQ introduced a quarterly money dividend of 30 cents per share. The dividend might be paid out on Could 30, 2024, to stockholders of file on the shut of enterprise on Could 16, 2024.
Revised 2024 Steerage
For full-year 2024, the corporate now expects natural income progress for elements and providers to extend 2.5-4.5% 12 months over 12 months, down from the earlier guided vary of three.5-5.5%. It now expects diluted earnings per share (EPS) within the vary of $3.32-$3.62, down from the earlier steering of $3.43-$3.73. The corporate’s estimates for adjusted diluted EPS, working money move and free money move have remained unchanged at $3.90-$4.20, $1.35 billion and $1 billion, respectively.
Zacks Rank & Key Picks
LKQ presently carries a Zacks Rank #3 (Maintain).
Some better-ranked gamers within the auto house are Geely Car Holdings Restricted GELYY, Allison Transmission Holdings, Inc. ALSN and Volkswagen AG VWAGY, every sporting a Zacks Rank #1 (Robust Purchase) at current. You possibly can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELYY’s 2024 gross sales suggests year-over-year progress of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, previously 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 gross sales and earnings suggests year-over-year progress of two.81% and 4.73%, respectively. The EPS estimates for 2025 have improved 32 cents previously 30 days.
The Zacks Consensus Estimate for VWAGY’s 2024 gross sales suggests year-over-year progress of 20.16%. The EPS estimates for 2024 and 2025 have improved 7 cents and 29 cents, respectively, previously 30 days.
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