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LKQ Corporation to Release Second Quarter 2024 Results on Thursday, July 25, 2024
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By Counterman
The
link hidden, please login to view released its online publications, the 2025 Auto Care Factbook and the 2025 Auto Care Factbook & Lang Annual. This is the 34th edition of the Auto Care Factbook, which provides the latest consumer and industry trends, expanded international market performance and more, according to the Association. Along with a projected 5.7% growth in 2024, the Factbook projects the total light-, medium- and heavy-duty automotive aftermarket to be a $617.3 billion industry in 2027.
In the 193-page Auto Care Factbook report, readers will find:
The Joint Channel Forecast Model through 2027 prepared by S&P Global; Financial Benchmarks provided by Jefferies; E-Commerce trends; Vehicle registrations and usage; Collision, Paint, Body and Equipment data; State summary statistics; NEW Global Aftermarket industry profiles for Argentina, Brazil and Guatemala; UPDATED Aftermarket industry profiles for Bolivia, Canada and Mexico; UPDATED Driving behavior data; UPDATED Auto care industry consumer profiles and aftermarket service satisfaction by IMR, Inc.; UPDATED Electric vehicle aftermarket in China; UPDATED Tool and equipment purchasing trends; UPDATED Medium and heavy duty vehicles technology, parts and distribution. “As credit card debt in the U.S. reaches an all-time high of more than $17 trillion in 2024, Americans are feeling the weight of inflation and choosing more cost-saving options when possible, including with the maintenance of their cars,” said Bill Hanvey, president and CEO,
link hidden, please login to view “For many of the 236 million licensed drivers in the U.S., driving isn’t a luxury—it’s an everyday necessity—and the automotive aftermarket is proving to be the most viable option for affordable service and repair for many Americans as their budgets tighten. This year’s Factbook report underlines this trend of cost consciousness for the American consumer from the barber shop to the repair shop. The Factbook gives readers a holistic view of the aftermarket with the latest available data, equipping industry professionals with the information needed to plan for the year ahead.” All Auto Care Association contacts at member companies receive a complimentary digital copy of the 2025 Auto Care Factbook report as an association member benefit.
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By Counterman
The future of the automotive aftermarket shines brightly, and AAPEX is at the forefront of this evolution. As vehicles log more miles and integrate increasingly complex electronics, the landscape of parts and repairs is diversifying. AAPEX research highlights that new products are the primary draw for attendees, making this conference a vital event for staying informed and competitive.
The aftermarket is uniquely positioned to benefit from both internal combustion engines and electric vehicles (EVs). Attending AAPEX provides automotive professionals with the latest insights and innovations from industry leaders and the ability to check out cutting-edge products and solutions, helping you stay ahead of industry trends and capitalize on new opportunities.
Don’t miss the chance to connect with experts, discover new technologies, and ensure your business thrives in this dynamic market. AAPEX is your gateway to the future of the automotive aftermarket.
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By Counterman
LKQ Corporation announced the release of its
link hidden, please login to view, which it said “describes LKQ’s role in driving sustainable success for our customers, our employees, the communities in which we operate and the global circular economy. “Additionally, the report includes an enhanced and robust sustainability strategy, demonstrating our approach to managing sustainability risks across each of our operating segments. Our three-pillar sustainability strategy comprises profitably delivering sustainable outcomes, people-led performance as well as strong governance and ethical practices,”
link hidden, please login to view continued. “We are pleased to issue this year’s report which demonstrates how our teams are making meaningful progress to achieve our sustainability commitments across our global footprint with an ongoing effort to create long-term value for all stakeholders. I am proud to report that the investments we have made in our sustainability journey thus far have enabled the meaningful and positive outcomes that we are able to share in this year’s report” said Dominick Zarcone, president and chief executive officer.
In 2023 LKQ said it achieved several sustainability milestones including:
Processed 766,000 vehicles, recycling over 62,000 metric tons of scrap steel, 48,000 metric tons of aluminum, and 4,000 metric tons of copper; Scope 1 and Scope 2 greenhouse gas emissions reduced globally by 11.8% versus 2021 baseline relative to revenue; Engagement score of 74 in our annual employee engagement survey, bringing us closer to our 2025 goal of 76, with an 89% participation rate, in excess of our 2025 target of 73% participation; Achieved 19.5% female representation in global workforce and launched the Women’s Network to support the development of women across all sectors and roles at LKQ in order to help reach target of 20% representation by 2025; and Donated over $4 million through the LKQ Community Foundation to charitable causes in areas including: health and human services, technical and general education, environmental stewardship and first responders. The post
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By Advance Auto Parts
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced its financial results for the first quarter ended April 20, 2024.
“Our team continues to execute against our decisive actions, including commencing our supply chain consolidation and making meaningful progress toward the potential sale of Worldpac,” said Shane O’Kelly, president and chief executive officer. “While the industry experienced a slower start to 2024 compared with our expectations, the actions we began in the back half of last year will help us streamline our operations for the long term. Our leadership team and I continue to focus on improving the core fundamentals of our business while reducing costs, which is reflected in our year-over-year SG&A reduction. As previously announced, we are reinvesting a portion of the savings back into the foundation of our business, including frontline compensation and training. We also made progress on our other decisive actions, including beginning three of our DC to market hub conversions.
“We continue to work on improving our overall performance by removing complexities and distractions to increase our value proposition and deliver shareholder value. We recognize we still have significant work ahead of us, however the actions we're taking will put us on the path to delivering improved results. I want to thank all our team members for their continued commitment to serving our customers as we navigate through this pivotal year for Advance.”
First Quarter 2024 Results (1,2)
First quarter 2024 net sales totaled $3.4 billion, a 0.3% decrease compared with the first quarter of the prior year. Comparable store sales decreased 0.2%.
The company's gross profit decreased 2.2% to $1.4 billion. Gross profit margin of 42.0% decreased 82 basis points compared with the first quarter of the prior year. This was primarily driven by increased costs that were not fully covered by pricing actions. These were partially offset by supply chain productivity.
SG&A expenses were $1.3 billion, which improved to 39.4% of net sales compared with 39.9% in the first quarter of 2023. This was primarily driven by the cost control efforts initiated at the end of 2023, including reduced corporate expenditures from the decrease in headcount and significant reduction of marketing expenses as well as a net gain on asset sales. These were partially offset by the reinvestment in field wages and training as well as typical expense inflationary pressure.
The company's operating income was $86.0 million, or 2.5% of net sales, compared with 2.9% in the first quarter of 2023.
The company's effective tax rate was 33.2%, compared with 28.5% in the first quarter of 2023. The higher effective income tax rate was due to a discrete charge for share-based compensation. The company's diluted EPS was $0.67 compared with $0.81 in the first quarter of 2023.
Net cash provided by operating activities was $2.7 million through the first quarter of 2024 versus $382.5 million of cash used in operating activities in the same period of the prior year. Free cash flow through the first quarter of 2024 was an outflow of $46.3 million compared with an outflow of $472.5 million in the same period of the prior year.
Capital Allocation
On May 21, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on July 26, 2024 to all common stockholders of record as of July 12, 2024.
__________________________________ (1) All comparisons are based on the same time period in the prior year. Comparable store sales include locations open for 13 complete accounting periods and exclude sales fulfilled by distribution centers to independently owned Carquest locations.
(2) As reported in the company’s fourth quarter and full year 2023 earnings release, the company corrected non-material errors in certain previously reported financials. All comparisons are based on the corrected historical results as presented in the company’s prior earnings release dated February 29, 2024.
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