LKQ Corporation reported second quarter 2020 results consistent with the company’s previously announced second quarter business update on June 15, 2020.
Second Quarter 2020 Financial Results
Revenue for the second quarter of 2020 was $2.6 billion, a decrease of 19.1 percent as compared to $3.2 billion in the second quarter of 2019. For the second quarter of 2020, parts and services organic revenue decreased 16.8 percent year-over-year, while the net impact of acquisition and divestitures revenue was (0.5 percent) and foreign exchange rates was (1.5 percent), for a total parts and services revenue decline of 18.9 percent.
Net income for the second quarter of 2020 was $119 million as compared to $150 million for the same period in 2019, a decrease of 21.2 percent year-over-year.
On an adjusted basis, net income was $161 million compared to $204 million in the same period of 2019. Adjusted diluted earnings per share for the second quarter was $0.53 as compared to $0.65 for the same period of 2019, an 18 percent decrease.
Cash flow from operations totaled $718 million during the second quarter of 2020, up 56 percent from a year ago. Free cash flow totaled $686 million, up 66 percent year-over-year. The company made $552 million of net repayments on borrowings during the quarter, for a total year-to-date reduction of $782 million. As of June 30, 2020, LKQ’s balance sheet reflected net debt of $2.8 billion.
Published in the September 2020 Edition