LKQ Corp., parent company of NTP-STAG, reports a slight drop in revenue for the recent quarter but a significant uptick in income compared with a year ago.
LKQ had revenue in the second quarter of $3.3 billion, a 3% drop from the second quarter last year’s $3.4 billion.
Net income in Q2 was $420 million, a 38% increase over the $305 million of a year ago.
“We had a solid second quarter delivering strong organic growth, and I am extremely proud of the results the LKQ team achieved in a challenging operating environment, which included significant inflationary pressures, supply chain disruptions, and volatile commodity and currency markets. Despite these challenges, we continued to drive our strategic initiatives forward,” said Dominick Zarcone, president and CEO. “As we enter the back half of the year, we are well positioned with our market-leading businesses, experienced management teams, strong balance sheet and balanced capital allocation strategy, giving us the confidence to maintain our full year 2022 guidance.”
Through the first two quarters, LKQ Corp. reported revenue of $6.7 billion, compared with $6.6 billion a year ago, and net income of $693 million, an 8.6% increase over $572 million a year ago.