LKQ Q2 Profit Rises, Adj. EPS Tops View; Tightens FY22 View For Adj. EPS

(RTTNews) - LKQ Corp. (LKQ), a provider of replacement parts, components, and systems, reported Thursday that its second-quarter net income grew to $420 million from last year's $305 million.

Earnings per share for the quarter were $1.49, up 47.5 percent from $1.01 a year ago.

Adjusted net income in the quarter was $307 million, as compared to $340 million last year. Adjusted earnings per share were $1.09, as compared to $1.13 in the prior year.

On average, 10 analysts polled by Thomson Reuters expected earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the second quarter of 2022 was $3.3 billion, a decrease of 2.7 percent from the prior year's $3.4 billion. On a constant currency basis, second-quarter revenue grew 2.5 percent. Analysts estimated revenues of $3.45 billion for the quarter.

Further, the company said its Board of Directors approved a dividend of $0.25 per share to be paid in the third quarter of 2022.

Looking ahead for fiscal 2022, the company tightened its outlook range for adjusted earnings per share, while holding the midpoint of the range.

For the year, adjusted earnings per share is now expected to be $3.85 to $4.05, compared to previous estimate of $3.80 to $4.10. Analysts estimate earnings of $3.97 per share for the year.

Further, reported earnings per share is now expected to be $4.09 to $4.29, up from $3.57 to $3.87 expected earlier.

Organic revenue growth for parts and services is still expected to be in the range of 4.5 percent to 6.5 percent.

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