LKQ Corp., parent company of NTP-STAG, today reported its earnings for Q1 2021. Revenue for the first quarter of 2021 was $3.2 billion, an increase of 5.7 percent as compared to $3.0 billion in the first quarter of 2020. For the first quarter of 2021, parts and services organic revenue increased 0.6 percent, while the net impact of acquisitions and divestitures decreased revenue 0.6 percent and foreign exchange rates increased revenue 4.2 percent, for a total parts and services revenue increase of 4.2 percent. LKQ said the organic revenue growth for the quarter reflected the annualization of the initial pandemic impact last March. Through February, organic parts and services revenue was 4.4 percent lower on a per-day basis, primarily as a result of mobility restrictions from COVID-19.
In March 2021, compared to a lower prior-year period, organic parts and services revenue grew by 15.7 percent on a per-day basis. Other revenue grew 27.0 percent in the first quarter of 2021, driven by higher scrap steel and precious metals prices.
Net income for the first quarter of 2021 was $266 million as compared to $146 million for the same period in 2020, an increase of 81.9 percent. Diluted earnings per share for the first quarter was $0.88 as compared to $0.48 for the same period of 2020, an increase of 83.3 percent.
On an adjusted basis, net income in the first quarter was $286 million compared to $176 million in the same period of 2020, a 62.4 percent increase. Adjusted diluted earnings per share for the first quarter was $0.94 as compared to $0.57 for the same period of 2020, a 64.9 percent increase.
Cash flow from operations totaled $523 million during the first quarter of 2021, up 169 percent from a year ago. Free cash flow in the quarter totaled $481 million, up 220 percent year-over-year.
The company also reported that it made $83 million of net repayments on borrowings during the first quarter.
“As of March 31, 2021, our balance sheet reflected net debt of $2.1 billion, down from $2.6 billion as of December 31, 2020,” the company said in the report. “Net leverage, as defined in our credit facility, decreased to 1.4x EBITDA.”
