LKQ Corp shares tumbled 6.10% in pre-market trading after the auto parts distributor reported second-quarter results that fell short of Wall Street expectations and issued a disappointing full-year outlook.
The company posted adjusted earnings of $0.67 per share, missing the consensus estimate of $0.71, while revenue of $3.4 billion also came in below the projected $3.48 billion. Both figures represented a decline from the prior-year period, reflecting pressure in the European segment where results were affected by an ERP implementation in Germany.
Looking ahead, LKQ forecast full-year adjusted earnings per share in a range of $2.60 to $2.90, well below the analyst consensus of $2.97. The company also projected organic revenue for parts and services to decline between 3% and 1%, further dampening investor sentiment.