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 Feb 24, 2017
CHICAGO - LKQ Corporation has announced results for its fourth quarter and full year ended Dec. 31, 2016, ending with a decrease of 9.2 percent.
Net income for the fourth quarter of 2016 was $86.3 million, a decrease of 9.2 percent as compared to $95.1 million for the same period of 2015. Diluted earnings per share for the fourth quarter of 2016 was $0.28, a decrease of 9.7 percent as compared to $0.31 for the same period of 2015. On an adjusted basis, diluted earnings per share was $0.39, an increase of 14.7 percent as compared to $0.34 for the same period of 2015. Net income for full year 2016 was $464 million, an increase of 9.6 percent as compared to $423.2 million for the same period of 2015. Diluted earnings per share for full year 2016 was $1.50, an increase of 8.7 percent as compared to $1.38 for the same period of 2015. On an adjusted basis, diluted earnings per share was $1.80, an increase of 20.8 percent as compared to $1.49 for the same period of 2015.
On Dec. 19, 2016, LKQ announced the pending sale of its OEM glass manufacturing business to a subsidiary of Vitro S.A.B. de C.V. The results of the OEM glass manufacturing business are reported in discontinued operations for 2016. Although these amounts are not reflected in the continuing operations results, for the fourth quarter and full year of 2016, the OEM glass manufacturing business generated $173 million and $498 million of revenue, respectively. The diluted earnings per share from continuing operations in the fourth quarter and full year of 2016 were $0.31 and $1.47, respectively, while the corresponding adjusted figures for 2016 were $0.35 and $1.69, respectively.
“In 2016, the company achieved some major milestones, including surpassing $8 billion in annual revenue, achieving over $1 billion in annual Segment EBITDA for the first time and expanding our global footprint, that today stands at 26 countries," LKQ Corporation CEO Robert Wagman says. "I am particularly pleased that, despite the headwinds of a mild winter and its subsequent impact on organic growth, Wholesale-North America achieved its highest annual margin levels in the last five years. These results are a testament to the hard work and dedication of our 40,000 plus employees. Parts and services organic revenue growth in the fourth quarter of 2016 was 3.8 percent, but the company achieved organic growth of 5.2 percent on a same day basis, including 3 percent in North America, after adjusting for differences in selling days between the fourth quarter this year and last year. These growth rates are consistent with the 4.8 percent and 2.9 percent we achieved company-wide and in North America, respectively, for the full year.”
For the fourth quarter of 2016, revenue was $2.15 billion compared with $1.75 billion for the fourth quarter of 2015, an increase of 23 percent. For the fourth quarter, parts and services organic revenue growth was 3.8 percent and acquisition revenue growth was 23.5 percent, while the impact of exchange rates was 3.8 percent, for total parts and services revenue growth of 23.5 percent.
For the full year of 2016, revenue was $8.58 billion, an increase of 19.3 percent from $7.19 billion for 2015. For the full year of 2016, parts and services organic revenue growth was 4.8 percent and acquisition revenue growth was 19 percent, while the impact of exchange rates was 2.5 percent, for total parts and services revenue growth of 21.3 percent.
Cash flow from operations totaled $635 million in 2016 (including $64 million from discontinued operations), of which about $207 million (including $24 million from discontinued operations) was invested in capital expenditures. As of Dec. 31, 2016, LKQ’s balance sheet reflected cash and equivalents of $227 million and outstanding debt of $3.3 billion. The unused capacity under the company’s credit facilities at Dec. 31, 2016 was about $1 billion.
In addition to the previously announced acquisition of Andrew Page Limited and the divestiture of PGW’s OEM glass manufacturing business, during the fourth quarter of 2016, LKQ acquired a distributor of aftermarket automotive products in the Netherlands, a salvage yard in Sweden, a distributor of automotive paint products in Pennsylvania and three heavy-duty truck aftermarket radiator distributors in the U.S. Also in the fourth quarter, LKQ’s European operations opened two new Euro Car Parts branches in the United Kingdom and eight new branches in Eastern Europe.