LKQ Corp., parent company of NTP-STAG, reported revenue of $3.1 billion during the third quarter, a decrease of 5.9% compared with $3.3 billion in the third quarter of 2021.
Net income for the quarter was $261 million as compared to $284 million for the same period in 2021.
“We are pleased with our third quarter results as they once again highlight our ongoing ability to combine best-in-class customer service with operational excellence,” said Dominick Zarcone, president and CEO of LKQ Corp. “Our strong same-day organic revenue growth and segment EBITDA margins in Wholesale – North America and Europe demonstrate our ability to serve our stakeholders in any environment. I want to thank our global teams for delivering another quarter of strong performance in a challenging macro environment, including commodities and foreign exchange volatility as well as other inflationary pressures that impacted our reported earnings. Additionally, we remain committed to returning capital to our stockholders, as evidenced by the 10% increase of the quarterly dividend and the expansion of our stock repurchase program.”
Portions of the company’s revenue fell 17% due to weaker commodity prices a year ago, and foreign exchange rates decreased revenue by 7.4%.
