LKQ Corporation Announces $500 Million Increase in Stock Repurchase Program

LKQ Corporation announced last week that its Board of Directors has authorized a $500 million increase and a one year extension to its stock repurchase program, raising the aggregate authorization under the program to $1 billion and authorizing repurchases through October 25, 2022.

Since the Company implemented the stock repurchase program in October 2018, the Company has repurchased approximately 13.2 million shares of the Company’s common stock for approximately $352 million. As of September 30, 2019, the Company had 306 million shares of common stock outstanding.

“The increase in our Stock Repurchase Program emphasizes the confidence that management and the Board of Directors have in the Company’s operational strategy and prospects for the future,” said Varun Laroyia, executive vice president and chief financial officer of LKQ Corp. “Our strong balance sheet and healthy cash flow position afford us the opportunity to continue investing in our strategic growth and deleverage the balance sheet while simultaneously utilizing a share repurchase program to maintain a balanced capital allocation strategy.”

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