Chicago-based LKQ Corp., parent company of RV parts distributor NTP-STAG and automotive aftermarket parts supplier Keystone Automotive, said its revenue for the third quarter was $3 billion, a drop of 3.2 percent year-over-year. Net income in Q3 was $193 million, a 27 percent jump year-over-year.
The company said that one of goals is to reduce debt, and it has paid down $1 billion this year through the end of the quarter.
“We delivered exceptionally strong third quarter results owing to the resilience and dedication of the entire LKQ organization. I couldn’t be prouder of what our global team accomplished during these unprecedented times,” said Dominick Zarcone, president and CEO. “Facing a continued challenging demand environment, our team maintained their sharp focus on the cost structure, and we achieved the highest quarterly earnings in the company’s history and delivered year-over-year margin improvements in each of our operating segments.”
On an adjusted basis, net income was $228 million compared to $189 million in the same period of 2019. Adjusted diluted earnings per share for the third quarter was $0.75 as compared to $0.61 for the same period of 2019, a 23 percent increase.