LKQ CORPORATION REVENUE UP 22% TO $11.9 BILLION IN 2018
LKQ, a specialty auto repair and accessory company, reported strong revenue growth for 2018.
“Looking back on 2018, I am proud of the team’s efforts to complete the Stahlgruber acquisition, produce solid organic growth across all our segments and effectively manage working capital to allow us to produce the highest annual operating cash flow figure in the company’s history. While I acknowledge that the 2018 results didn’t live up to our initial expectations due to operational challenges in parts of the business and economic headwinds, particularly in Europe, I believe that we are taking the necessary steps to position the company for continued success,” stated Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation. “As we look forward to fiscal 2019, we will continue to execute on our productivity initiatives across each operating segment and remain focused on profitable revenue growth, margin enhancement, excellent cash conversion and optimizing our capital allocation strategy.”
LKQ also reported that during the fourth quarter of 2018, it acquired three wholesale businesses in North America and two wholesale businesses in Europe for a total net consideration of approximately $14 million. Also in the fourth quarter, LKQ’s European operations opened five branches in Eastern Europe.
The company is projecting 2019 organic revenue growth for parts and services of 2.0 percent to 4.0 percent.