Shares of LKQ Corporation (NASDAQ:LKQ) ended Friday session in red amid volatile trading. The shares closed down -0.23 points or -0.64% at $35.46 with 2.79 million shares getting traded. Post opening the session at $35.24, the shares hit an intraday low of $34.94 and an intraday high of $35.54 and the price vacillated in this range throughout the day. The company has a market cap of $10.81 billion and the numbers of outstanding shares have been calculated to be 307.11 million shares.
LKQ Corporation (LKQ) on July 28, 2016 reported record revenue for the second quarter of 2016 of $2.45 billion, an increase of 33.3% as compared to $1.84 billion in the second quarter of 2015. Net income for the second quarter of 2016 was $140.7 million, an increase of 17.6% as compared to $119.7 million for the same period of 2015. On an adjusted basis, net income was $169.2 million, an increase of 34.0% as compared to the $126.3 million for the same period of 2015. Diluted earnings per share for the second quarter of 2016 was $0.46, an increase of 17.9% as compared to the $0.39 for the same period of 2015. On an adjusted basis, diluted earnings per share was $0.55 in the second quarter of 2016 reflecting a 34.1% increase over $0.41 for the same period of 2015. See the reconciliation of net income and diluted earnings per share to adjusted net income and adjusted diluted earnings per share included with this press release.
“Despite tough comparable periods and the carryover impact of the mild winter in North America, organic revenue growth for parts and services was a respectable 5.4% during the quarter, demonstrating the resiliency of our operating and diversification strategy,” stated Robert Wagman, President and Chief Executive Officer of LKQ Corporation. “We improved gross margins in our North American operations, which included 40 basis points of improvement from the aftermarket procurement initiatives implemented during 2016. Our European segment continued to show solid improvement in the second quarter, with its segment EBITDA margins increasing 40 basis points sequentially and 30 basis points year-over-year, even after absorbing the incremental cost associated with the new distribution facility in Tamworth, England. I am also pleased with the overall earnings growth achieved in the quarter, which is partly attributable to the smooth integration of the Rhiag and PGW acquisitions we completed earlier this year.”
Shares of Ingredion Inc (NYSE:INGR) ended Friday session in red amid volatile trading. The shares closed down -2.32 points or -1.77% at $128.87 with 2.73 million shares getting traded. Post opening the session at $131.06, the shares hit an intraday low of $128.18 and an intraday high of $131.06 and the price vacillated in this range throughout the day. The company has a market cap of $9.15 billion and the numbers of outstanding shares have been calculated to be 72.18 million shares.
Ingredion Inc (INGR) on Aug. 17, 2016 announced that it has entered into a definitive agreement to acquire the rice starch and rice flour business from Sun Flour Industry Co, Ltd. based in Banglen, Thailand.
The acquisition supports Ingredion`s global strategy to increase its higher-value specialty ingredients business and has been approved by the Company`s board of directors. It is subject to approval by Thai government authorities as well as to other customary closing conditions. Details of the transaction have not been disclosed.
“Rice is an on-trend ingredient. It is non-GMO, hypoallergenic and gluten free. Plus, its superior functionality makes it ideal for a variety of uses, including baby foods, dairy products, snacks and gluten-free bakery,” said Jorgen Kokke, Ingredion senior vice president and president, Asia Pacific and EMEA. “This acquisition enhances our global supply chain and leverages other capital investments we`ve made in Thailand to grow our specialty ingredients and service customers around the world,” Kokke added.
Sutipong Sitapradit, founder and president of Sun Flour Industries, said, “Sun Flour Industries has been an integral part of Thailand`s agricultural history, and is renowned for its quality. Ingredion`s global presence is a growth opportunity for the rice business. It provides career opportunities for the employees and helps position Thailand as a production and export base for value-added, rice-based food ingredients.”