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 .
Thu Apr 27, 2017
CHICAGO - LKQ Corporation has reported record revenue for the first quarter of 2017 of $2.34 billion, an increase of 21.9 percent as compared to $1.92 billion in the first quarter of 2016. Income from continuing operations for the first quarter of 2017 was $140.8 million, an increase of 25.5 percent as compared to $112.2 million for the same period of 2016. Diluted earnings per share from continuing operations for the first quarter of 2017 was $0.45, an increase of 25 percent as compared to $0.36 for the same period of 2016. On an adjusted basis, diluted earnings per share from continuing operations was $0.49, an increase of 16.7 percent as compared to $0.42 for the same period of 2016.
“I am proud of our ability to deliver excellent top line and bottom line growth, achieving record revenue and earnings in the first quarter of 2017," LKQ Corporation President and CEO Robert Wagman says. "I am particularly pleased with the margin improvement in the quarter, notably North America which increased Segment EBITDA margin by 210 basis points sequentially and 110 basis points year-over-year. Global revenue growth in parts and services was a strong 24.5 percent on a constant currency basis. Also, despite the mild weather we again faced in North America during the first quarter, global organic revenue growth for parts and services was 4.5 percent, consistent with our annual guidance.”
Cash flow from operations totaled $172 million during the first quarter, and the company invested about $41 million in capital expenditures and other long term assets for continuing operations and paid $77 million for acquisitions. Proceeds from the divestiture of PGW’s automotive glass manufacturing business were used to pay down debt. As of March 31, LKQ’s balance sheet reflected cash and equivalents of $265 million and outstanding debt of $3 billion. Total availability under the company’s credit facilities at March 31 was about $1.4 billion.
In addition to finalizing the previously announced divestiture of PGW’s automotive glass manufacturing business, during the first quarter of 2017 LKQ acquired parts recycling businesses in Michigan and Sweden, and a specialty products business in Pennsylvania. Also, in the first quarter, LKQ’s Rhiag operations opened 12 new Elit and Auto Kelly operations in Eastern Europe.
The revised 2017 guidance for adjusted income from continuing operations and adjusted diluted EPS is based on current conditions (including acquisitions completed through April 27) and excludes the impact of restructuring and acquisition related expenses; amortization of acquired intangibles; income tax effects related to excess tax benefits; and gains or losses related to acquisitions or divestitures (including changes in the fair value of contingent consideration liabilities).The updated guidance for 2017 is based on scrap prices remaining at current prices and exchange rates for the British pound, Euro and Canadian dollar holding near current levels. Changes in these figures may impact the company's ability to achieve the updated guidance.