WASHINGTON (dpa-AFX) - LKQ Corp. (LKQ), a provider of alternative automotive parts, on Thursday revised down its annual earnings guidance.
Rick Galloway, CFO of LKQ, said: 'The revenue headwinds we experienced across our global operations have been more impactful than projected in our prior guidance, and we currently do not expect these headwinds to abate in the fourth quarter. While our cost actions and synergy realization have boosted profitability, the benefits from these actions are not expected to offset the full impact of the lower revenue expectation in the fourth quarter.'
For the full year, the company now expects net income per share of $2.59 to $2.73, compared with the prior outlook for $2.71 to $2.91 per share.
Excluding items, earnings per share is now anticipated to be in the range of $3.38 to $3.52, while the prior guidance was $3.50 to $3.70.
On average, nine-analysts, polled by Thomson Reuters expect the firm to earn $3.52 per share, for the year. Analysts' estimates typically exclude special items.
On October 22, the Board has authorized a $1 billion increase to the share repurchase, raising the total authorization to $4.5 billion and thus making available balance of $1.8 billion for potential additional repurchases through October 25, 2026.
The company had declared a quarterly cash dividend of $0.30 per share, to be paid on November 27, to stockholders of record on November 14.
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