Revenue growth of 2.7% to $1.53 billion and EBITDA margin increase to 11.5% in the European segment
Zug, Switzerland. LKQ Corporation (Nasdaq: LKQ), the parent company of LKQ Europe, today reported third quarter 2021 results that reflect continued strength for the Company in a number of key metrics including total revenue, segment profitability and free cash flow.
"Our operating excellence initiatives continue to drive record results for LKQ; in the quarter, we recorded the highest third quarter EPS and Segment EBITDA margin in the Company's history. We are particularly pleased with the results of our Europe segment, as its third quarter margin of 11.5% is the highest in over nine years. This performance validates our confidence in the 1 LKQ Europe program, the strategic initiatives that underpin it, and the capabilities of the team driving the implementation,” noted Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation.
Global revenue for the third quarter of 2021 was $3.3 billion, an increase of 8.2% as compared to $3.0 billion in the third quarter of 2020, reflecting the annualization of the pandemic impact during the third quarter of 2020. LKQ’s European segment achieved a revenue growth of 2.7% to $1.53 billion in the third quarter 2021, as compared to $1.48 billion in the third quarter of 2020.
“In a demanding environment with increasing supply chain cost and Covid-19-related restrictions, the LKQ Europe team continued to drive positive results. I am encouraged by the sustained focus of our employees on our customers, driving efficiency and consequently expanding our operating margins. The execution of the 1 LKQ Europe program continues to show results,” said Arnd Franz, CEO of LKQ Europe.
About LKQ Europe
LKQ Europe, a subsidiary of LKQ Corporation, with its head office in Zug, Switzerland, is the leading distributor of automotive aftermarket parts for cars, commercial vans and industrial vehicles in Europe. It currently employs approximately 26,000 people with a network of 1,000 branches and approximately USD 5.5 billion in revenue in 2020. The organization supplies around 100,000 independent workshops in over 20 European countries.
The group includes Euro Car Parts, Fource, RHIAG Group, Elit, Auto Kelly, and STAHLGRUBER Group, as well as recycling specialist, Atracco. LKQ also holds a minority interest in Mekonomen Group.
Further information, the audio webcast of the first quarter earnings call, and the accompanying slide presentation can be accessed at www.lkqcorp.com in the Investor Relations section.
Investor Relations Contact
Joseph P. Boutross
Vice President, Investor Relations
T +1 312 621-2793
Media Contact Europe
Dr. Christiane Lesmeister
Director of Communications
LKQ Europe GmbH
T +41 41 884 84 41
M +41 79 728 65 84