Revenue was up 3.2% compared to last year and 5.4% on per-day basis.
LKQ Corporation (NASDAQ:LKQ) today reported revenue for the second quarter of 2023 was $3.4 billion, an increase of 3.2% as compared to $3.3 billion in the second quarter of 2022. For the second quarter of 2023, parts and services organic revenue increased 4.8%, and 5.4% on a per day basis, foreign exchange rates increased revenue by 0.6% and the net impact of acquisitions and divestitures was flat year over year, for a total parts and services revenue increase of 5.4%. Other revenue for the second quarter of 2023 fell 23.9% primarily due to weaker commodity prices relative to the same period in 2022.
The company also reported its acquisition of Uni-Select, the parent of FinishMaster, was on track to be completed August 1. LKQ plans to divest Uni-Select’s GSF Car Parts business in the UK soon after the completion of the acquisition.
Net income for the second quarter of 2023 was $281 million as compared to $420 million for the same period in 2022. Diluted earnings per share2 for the second quarter of 2023 was $1.05 as compared to $1.49 for the same period of 2022, a decrease of 29.5%. The Company completed the sale of PGW Auto Glass on April 18, 2022, which generated a pretax gain of $155 million ($127 million after-tax), or $0.45 per share in the second quarter of 2022.
On an adjusted basis, net income in the second quarter of 2023 was $291 million as compared to $307 million for the same period of 2022, a decrease of 5.1%. Adjusted diluted earnings per share1,2 was $1.09 for both the second quarter of 2023 and 2022.
“I am pleased to report strong operational performance for the quarter despite several headwinds, which is a testament to the strength and resilience of our diversified portfolio of businesses. Our largest segments, Wholesale – North America and Europe, produced exceptional second quarter revenue growth and margins by focusing on operational excellence. These outstanding performances offset a steep year over year downturn in commodity prices impacting our Self Service segment and the decrease in demand for our Specialty segment’s offerings, headwinds that will impact these segments for the balance of 2023,” noted Dominick Zarcone, President and Chief Executive Officer. “We also had excellent cash flow during the quarter. Taken as a whole, I am very pleased with the results and extremely proud of our global teams.”