LKQ Corporation (NASDAQ:LKQ) shares are trading lower on Thursday after the company reported second-quarter results.

The company reported adjusted earnings per share of 98 cents, missing the analyst consensus of $1.03. Quarterly revenues of $3.71 billion (+7.6%), missed the street view of $3.87 billion.

Net income for the second quarter of 2024 was $185 million compared to $281 million for the same period of 2023.

Cash flow from operations and free cash flow were $213 million and $133 million, respectively, for the second quarter of 2024.

As of June-end, the balance sheet reflected total debt of $4.3 billion and total leverage was 2.3x EBITDA.

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During the second quarter, the company returned over $200 million to its shareholders by investing $125 million to repurchase 2.9 million shares of its common stock and distributing approximately $80 million in cash dividends.

On July 23, the company declared a quarterly cash dividend of $0.30 per share of common stock, payable on August 29, 2024.

"Based on a projected continuation of the revenue headwinds we experienced in the first half of 2024, we are lowering our full year guidance. While we have taken actions to reduce costs and protect our margins and cash flows, the benefits are not expected to offset the full impact of the lower revenue expectation," stated CFO Rick Galloway.

Outlook: LKQ lowered its FY24 organic revenue growth outlook for parts and services from 2.5%- 4.5% to (1.25%) – 0.25%.

LKQ lowered its FY24 adjusted EPS outlook from $3.90 – $4.20 to $3.50 – $3.70 versus the $3.92 estimate.

Price Action: LKQ shares are trading lower by 12.5% to $38.91 at last check Thursday.

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