LKQ Corp., parent company of NTP-STAG, reported second quarter revenue of $3.4 billion, up 31 percent over Q2 last year.
For the second quarter of 2021, parts and services organic revenue increased 21.9 percent, while the net impact of acquisitions and divestitures decreased revenue 0.3 percent and foreign exchange rates increased revenue 5.4 percent, for a total parts and services revenue increase of 27 percent. Other revenue grew 108.5 percent in the second quarter of 2021, driven by higher scrap steel and precious metals prices.
Net income for the second quarter of 2021 was $305 million as compared to $119 million for the same period in 2020, an increase of 157 percent.
“We were able to produce yet another record performance in the second quarter. This performance marks two key milestones as the first quarterly period, with EPS of over $1 and the highest quarterly Segment EBITDA in the company’s history,” said Said Dominick Zarcone, president and CEO.
Looking ahead to the rest of the year, Varun Laroyia, executive vice president and chief financial officer, said, “Based on the strong performance in the second quarter and the expected sustainability of the operational excellence initiatives, we are raising the full year outlook for profitability and free cash flow. While inflationary pressures will continue to be a headwind in the second half of the year, we are cautiously optimistic that we have the ability to mitigate these pressures.”
