LKQ Announces Results For Fourth Quarter And Full Year 2016
LKQ Corporation announced results for its fourth quarter, and full year ended December 31, 2016, on February 23, 2017. The company stated its net income for the fourth quarter of 2016 was $86.3 million, a decrease of 9.2 percent as compared to $95.1 million for the same period of 2015. But, net income for full year 2016 was $464 million, an increase of 9.6 percent as compared to $423.2 million for the same period of 2015.
On December 19, 2016, LKQ announced the pending sale of its OEM glass manufacturing business to a subsidiary of Vitro S.A.B. de C.V. The results of our OEM glass manufacturing business are reported in discontinued operations for 2016. Although these amounts are not reflected in the continuing operations results, for the fourth quarter and full year of 2016, the OEM glass manufacturing business generated $173 million and $498 million of revenue, respectively.
“In 2016, the Company achieved some major milestones, including surpassing $8 billion in annual revenue, achieving over $1 billion in annual Segment EBITDA for the first time, and expanding our global footprint, that today stands at 26 countries. I am particularly pleased that, despite the headwinds of a mild winter and its subsequent impact on organic growth, Wholesale-North America achieved its highest annual margin levels in the last five years. These results are a testament to the hard work and dedication of our 40,000 plus employees,” stated Robert Wagman, President and Chief Executive Officer of LKQ Corporation. “Parts and services organic revenue growth in the fourth quarter of 2016 was 3.8 percent, but the Company achieved organic growth of 5.2 percent on a same day basis, including 3.0 percent in North America, after adjusting for differences in selling days between the fourth quarter this year and last year. These growth rates are consistent with the 4.8 percent and 2.9 percent we achieved company-wide and in North America, respectively, for the full year.”
See the entire earnings report at www.lkqcorp.com.