LKQ Corporation (NASDAQ: LKQ) reported Q2 EPS of $0.55, $0.07 better than the analyst estimate of $0.48. Revenue for the quarter came in at $2.45 billion versus the consensus estimate of $2.42 billion.

“Despite tough comparable periods and the carryover impact of the mild winter in North America, organic revenue growth for parts and services was a respectable 5.4% during the quarter, demonstrating the resiliency of our operating and diversification strategy," stated Robert Wagman, President and Chief Executive Officer of LKQ Corporation. “We improved gross margins in our North American operations, which included 40 basis points of improvement from the aftermarket procurement initiatives implemented during 2016. Our European segment continued to show solid improvement in the second quarter, with its segment EBITDA margins increasing 40 basis points sequentially and 30 basis points year-over-year, even after absorbing the incremental cost associated with the new distribution facility in Tamworth, England. I am also pleased with the overall earnings growth achieved in the quarter, which is partly attributable to the smooth integration of the Rhiag and PGW acquisitions we completed earlier this year.”

GUIDANCE:

LKQ Corporation sees FY2016 EPS of $1.79-$1.87, versus prior guidance of $1.76-$1.86 and the consensus of $1.80.

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