LKQ Corporation, American parent company of LKQ Europe, has posted strong Q1 results.
Revenue for the first quarter of 2022 was $3.3 billion, an increase of 5.6% as compared to $3.2 billion in the first quarter of 2021. Parts and services organic revenue increased 6.9% (5.6% on a per day basis), while the net impact of acquisitions and divestitures increased revenue by 1.7% and foreign exchange rates decreased revenue by 2.7%, for a total parts and services revenue increase of 5.9%. Other revenue grew 2.0% driven by higher sales of other scrap metals (including aluminium) and cores and higher scrap steel prices, partially offset by lower precious metals prices.
Unlike the European operation, LKQ Corporation’s core business is breaking and recycling vehicles.
Noting that he was pleased with the results, Dominick Zarcone, President and Chief Executive Officer said. “Based on our strong start to the year and confidence in our competitive position, we are raising our full year revenue and EPS outlook.”