|Over a week ago|
Stifel Financial hires Rob Wagman as senior advisor » 08:3606/2906/29/20
Stifel Financial (SF)…
Stifel Financial (SF) announced the hiring of Rob Wagman, former President and CEO of LKQ Corp. (LKQ), as a senior advisor. He will primarily work with Stifel's growing investment banking team, which includes a diverse group of senior investment bankers covering all facets of the global automotive, mobility, capital goods, auto aftermarket, and auto technology sectors. Mr. Wagman currently serves as a board member to a number of leading automotive aftermarket and industrial companies and brings to Stifel more than three decades of experience as a senior executive.
LKQ Corp. price target raised to $32 from $29 at JPMorgan » 09:1506/1906/19/20
JPMorgan analyst Ryan…
JPMorgan analyst Ryan Brinkman raised the firm's price target on LKQ Corp. to $32 from $29 and keeps an Overweight rating on the shares. Evidence has been mounting for weeks that U.S. new vehicle sales and used vehicle pricing are recovering in May and June nearly as fast they plunged in March and April, Brinkman tells investors in a research note. The analyst now forecasts 2020 U.S. light vehicle car sales of 14.5M, up from 13.5M previously.
LKQ Corp. says Q2 revenue 'tracking ahead' internal expectations » 08:2006/1506/15/20
LKQ provided an update on…
LKQ provided an update on its second quarter 2020 operating performance through May. The Company also announced an amendment to its Senior Secured Credit Facility. The company said, "While the COVID-19 pandemic continues to have a negative impact on our global operations, the effect through May 2020 has not been as significant as expected when we announced our first quarter results. Revenue is tracking ahead of our internal expectations, with second quarter to date parts and services organic revenue down approximately 25% when compared to the same quarter in 2019, with April and May monthly revenues down approximately 30% and 20%, respectively.//The cost structure actions announced with our first quarter 2020 results have contributed to preliminary results for April and May of an operating profit for both months. Cash management activities have been effective as the Company generated positive free cash flow in April and May, which was used to pay down over $250 million in debt and build cash balances during this two-month period...LKQ Corporation also announced that it entered into Amendment No. 4 to the Fourth Amended and Restated Credit Agreement dated January 29, 2016 with its lending partners.The amendment to the credit agreement modifies the maximum permitted net leverage ratio through the quarter ending September 30, 2021. Beginning with the quarter ending December 31, 2021, the maximum permitted net leverage ratio reverts to the terms in effect prior to the amendment. The Company can at any time elect to cancel the modifications to the maximum permitted net leverage ratio and revert to the terms in effect prior to the amendment subject to compliance with the 4.0x ratio. The amendment also made certain other immaterial modifications. As of March 31, 2020, the Company's balance sheet reflected net debt of $3.5 billion. The net leverage ratio was 2.5x, and the Company had approximately $1.9 billion in total liquidity. As of May 31, 2020, the Company had net debt of $3.1 billion and total liquidity of approximately $2.2 billion. On March 26, 2020 the Company withdrew its 2020 annual guidance, and temporarily suspended its share repurchase program to focus on preserving capital due to the continued uncertainties related to COVID-19 and its impact on the business. This second quarter 2020 update and the quarter-to-date information disclosed in this release may not be representative of the full quarter or full year results."
|Over a month ago|
LKQ Corp. downgraded to Neutral following share price rebound at Northcoast » 09:2906/0806/08/20
As previously reported,…
As previously reported, Northcoast analyst John Healy downgraded LKQ Corp. to Neutral from Buy. He notes a growing level of investor expectations for rebounds in industry miles driven trends and while he also expects a rebound in miles driven to allow many auto aftermarket and auto service-related companies to see a level of normalization in business conditions, Healy looks for the percentage of vehicles in accidents in future periods to continue to shift toward salvage and away from repairs. He also notes that LKQ shares have increased approximately 50% since mid-May to return to near their late February highs.
LKQ Corp. downgraded to Neutral from Buy at Northcoast » 06:2506/0806/08/20
Northcoast analyst John…
Northcoast analyst John Healy downgraded LKQ Corp. to Neutral from Buy.
LKQ Corp. management to meet virtually with Barrington » 04:5506/0106/01/20
Virtual Meeting to be…
Virtual Meeting to be held on June 1 hosted by Barrington.
LKQ Corp. management to meet virtually with Barrington » 09:4905/2905/29/20
Virtual Meeting to be…
Virtual Meeting to be held on June 1 hosted by Barrington.
Jefferies adds six names to Franchise Picks list, including BioMarin and TJX » 05:1305/2205/22/20
BMRN, CPRI, ETRN, FMC, GLNG, KEY, LHX, LKQ, BX, MSI, RIO, RTX
Analysts at Jefferies…
Analysts at Jefferies made changes to the firm's Franchise Picks list, which is comprised of their highest-conviction Buy-rated ideas. The analysts removed Capri Holdings (CPR), Equitrans Midstream (ETRN), FMC Corporation (FMC), Golar LNG (GLNG), KeyCorp (KEY), L3Harris Technologies (LHX) and LKQ Corp. (LKQ). The analysts added six ideas they believe are "poised to outperform:" BioMarin (BMRN), Blackstone (BX), Motorola Solutions (MSI), Rio Tinto (RIO), Raytheon Technologies (RTX) and TJX (TJX).
Early notable gainers among liquid option names on April 30th » 09:5504/3004/30/20
FB, HOLX, MRO, NLSN, LKQ
Notable gainers among…
Notable gainers among liquid option names this morning include Facebook (FB) $208.11 +13.92, Hologic (HOLX) $51.88 +2.93, Marathon Oil (MRO) $6.15 +0.30, Nielsen (NLSN) $14.45 +0.49, and LKQ Corp. (LKQ) $26.13 +0.83.
LKQ Corp. implements comprehensive cost reduction plans » 06:0104/3004/30/20
"As the COVID-19…
"As the COVID-19 pandemic spread rapidly across the globe during the first quarter, our number one priority was, and continues to be, the health and safety of our employees, customers, vendor partners and the communities where we operate. Our businesses got off to an excellent start in January and February, carrying the strong momentum from 2019 on all fronts and reinforcing our key priorities of profitable revenue growth, accretive margins and cash flow generation. Through February, each of our segments was in line with or ahead of our revenue and profit expectations. As the restrictions on movement of people were imposed resulting in the decline of demand for our parts across all business segments, our financial results during the second half of March deteriorated. This reduced level of demand has continued, with April revenue down approximately 40% compared to the prior year, significantly impacting our near-term financial results. We anticipate a gradual improvement in revenue and profitability as governments around the globe begin the process of lifting the restrictions on mobility and opening their economies," stated Dominick Zarcone, President and CEO of LKQ Corporation. Zarcone further commented, "To help mitigate the business disruption caused by the COVID-19 pandemic, and to position LKQ for earnings growth when the U.S. and European economies rebound, we have taken decisive action and implemented comprehensive cost reduction plans throughout the enterprise, including substantial staffing adjustments. This focus on our cost structure and the variable nature of certain expenses has resulted in a potential annualized run-rate savings of more than $1 billion. As market conditions improve, we look forward to bringing our people back, so we can both fulfill the anticipated increase in demand and continue to provide industry leading levels of customer service."