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LKQ CEO: Q2 Better than Expected

Chicago-based LKQ Corp., parent company of RV parts distributor NTP-STAG and automotive aftermarket parts supplier Keystone Automotive, reported its Q2 results this week. Revenue was $2.6 billion in the quarter, down 19 percent compared with the second quarter last year. In its parts and services divisions, revenue was down nearly 17 percent.

Net income for the quarter was $119 million, a drop of 21 percent year-over-year.

All things considered, the revenue was better than the company expected, said Dominick Zarconne, president and CEO. Still, the COVID-19 cloud continues to loom in certain parts of the world, causing fits for someone like him trying to run a global business.

“The operating environment continues to evolve, and while the company’s second quarter performance exceeded our expectations at the beginning of the quarter, there remains a high degree of uncertainty about the ongoing rate and shape of the COVID-19 recovery,” Zarconne said. “As a result, the company is not providing new fiscal 2020 guidance at this time. That said, our teams across the globe are committed to effective operational execution and protecting our business in this uncharted environment as they have thus far. Importantly, despite these headwinds, our long-term strategic and financial objectives, and capital allocation priorities, are unchanged.”

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