The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Fri Oct 28, 2016
CHICAGO - LKQ Corporation has reported revenue for the third quarter of 2016 of $2.39 billion, an increase of 30.3 percent as compared to $1.83 billion in the third quarter of 2015. Net income for the third quarter of 2016 was $122.7 million, an increase of 21.1 percent as compared to $101.3 million for the same period of 2015.
On an adjusted basis, net income was $139.3 million, an increase of 26.8 percent as compared to the $109.9 million for the same period of 2015. Diluted earnings per share for the third quarter of 2016 was $0.40, an increase of 21.2 percent as compared to $0.33 for the same period of 2015. On an adjusted basis, diluted earnings per share was $0.45 in the third quarter of 2016 reflecting a 25 percent increase over $0.36 for the same period of 2015.
“The results we achieved in the third quarter reflect the benefits of our increasingly diverse and global operations," LKQ CEO Robert Wagman says. "We had impressive revenue growth in parts and services of 33.2 percent and growth in adjusted diluted earnings per share of 25 percent in the third quarter. We also continued to realize the benefits associated with the productivity initiatives implemented this year. While there was softness across parts of the global auto industry during the quarter, the company delivered positive organic revenue growth for parts and services of 3.7 percent.”
On a nine month year-to-date basis, revenue was $6.76 billion, an increase of 24.2 percent from $5.44 billion for the comparable period of 2015. Parts and services organic revenue growth for the first nine months of 2016 was 5.1 percent. Net income for the first nine months of 2016 was $377.6 million, as compared to $328.2 million for the same period of 2015. Diluted earnings per share was $1.22 for the first nine months of 2016, reflecting a 14 percent increase as compared to $1.07 for the comparable period of 2015. On an adjusted basis, diluted earnings per share was $1.41 in the first nine months of 2016 reflecting a 22.6 percent increase over $1.15 for the same period of 2015.
Cash flow from operations totaled $524 million on a nine month year-to-date basis, of which approximately $153 million was invested in capital expenditures. As of Sept. 30, the balance sheet reflected cash and equivalents of $272 million and outstanding debt of $3.3 billion. Total availability under the company’s credit facility at Sept. 30 was about $1.2 billion.
During the third quarter of 2016, LKQ acquired a distributor of aftermarket automotive products in the Netherlands, a distributor of recreational vehicle products and accessories in the United Kingdom, a distributor of aftermarket automotive products in Ireland and a heavy-duty truck salvage business in Minnesota. Also, in the third quarter, LKQ’s European operations opened three new branches in the United Kingdom and eight new branches in Eastern Europe.
On Oct. 4, the company announced that its United Kingdom subsidiary, Euro Car Parts, acquired substantially all the business assets of Andrew Page Limited, a distributor of automotive parts in the United Kingdom. As part of the transaction, Euro Car Parts acquired 102 Andrew Page branch locations.