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LKQ Corp., parent of distributors Keystone Automotive and NTP-STAG, reported revenue for the third quarter of 2019 of $3.15 billion, an increase of 0.8% as compared to $3.12 billion in the third quarter of 2018. For the third quarter of 2019, parts and services organic revenue increased 2.3% (0.9% on a per day basis) and acquisition revenue growth was 0.8%, while the impact of exchange rates was 2.3%, for total parts and services revenue growth of 0.8%.

Net income for the third quarter of 2019 was $152 million, an increase of 13% year-over-year. On an adjusted basis, net income was $189 million, an increase of 6% as compared to the $177 million for the same period of 2018. Diluted earnings per share for the third quarter of 2019 was 49 cents as compared to 42 cents  for the same period of 2018, an increase of 17%. On an adjusted basis, diluted earnings per share for the third quarter of 2019 was 61 cents, an increase of 9% as compared to 56 cetns for the same period of 2018.

Dominick Zarcone, president and CEO of LKQ Corp., stated: “Our focus on profitable revenue, margin expansion and cash conversion continued to yield positive results this quarter. Despite soft macroeconomic conditions in Europe and declining scrap prices, the company was able to generate segment EBITDA expansion, driven by a 60-basis point improvement in our North American segment. I am particularly pleased with the ongoing growth in cash flows as the Company added $327 million in operating cash flows this quarter.”

On a nine-month year-to-date basis, revenue was $9.5 billion, an increase of 7% from $8.9 billion for the comparable period of 2018. Net income for the first nine months of 2019 was $400 million, a decrease of 10% as compared to $444 million for the first nine months of 2018 due to the non-cash impairment charges in the first and second quarters of 2019.

On an adjusted basis, net income for the first nine months of 2019 was $569 million, an increase of 5% as compared to the $539 million for the same period of 2018. Diluted earnings per share for the first nine months of 2019 was $1.28, a decrease of 9% as compared to $1.41 for the same period of 2018. On an adjusted basis, diluted earnings per share for the first nine months of 2019 was $1.82, an increase of 6% as compared to $1.71 for the same period of 2018.

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