Research Desk Line-up: Monro Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 26, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for LKQ Corp. (NASDAQ: LKQ), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=LKQ. The Company announced on October 23, 2017, that its Specialty Products segment, Keystone Automotive Operations Inc. ("Keystone"), has decided to acquire the aftermarket business of Warn Industries, Inc., a leading designer, manufacturer, and marketer of high-performance vehicle equipment and accessories. Warn Industries is a wholly owned subsidiary of Dover Corp. (NYSE: DOV). For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Discover more of our free reports coverage from other companies within the Auto Parts industry. Pro-TD has currently selected Monro, Inc. (NASDAQ: MNRO) for due-diligence and potential coverage as the Company announced on October 24, 2017, its financial results for Q2 FY18 which ended on September 23, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Monro when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on LKQ; also brushing on MNRO. Go directly to your stock of interest and access today's free coverage at:
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LKQ Aims to Grow Its Core Operations
This announcement comes within a week from the declaration of PGW Auto Glass' – which is another segment of LKQ – acquisition of Sigma Distributing Co. on October 16, 2017. Sigma Distributing is an independent wholesaler that provides auto glass, exhaust, and automotive supplies. These two deals signify LKQ's strategy to expand its core markets.
LKQ is a leading provider of alternative and specialty parts to automobiles and other vehicles, and has operations in North America, Europe, and Taiwan. The Company offers a broad range of replacement systems, components, equipment, and parts to repair and accessorize automobiles, trucks, and recreational and performance vehicles to its customers.
Keystone to Benefit from Warn Industries' Leadership Position and Brand Name
Bill Rogers, Vice President and General Manager at Keystone, highlighted that Warn Industries' leadership position and premium iconic brand would enhance the ability of the Specialty Products segment to drive its long-term strategy of expanding its core markets. Besides, it would also help the Company develop viable points of entry into adjacent markets. Warn Industries' aftermarket business offers a broad product line comprising winches, hoists, locking hubs, and bumpers, and has more than 350 employees serving specialty retailers and distributors globally. Warn Industries was established in 1948 and it has a long history of developing the highest quality, most technologically advanced products in the industry. The Company has about 130 patents under its name, two 400,000-square-feet manufacturing facilities in Oregon, and a technical facility in Michigan.
Transaction Details
- LKQ has not yet disclosed the financial terms of the deal.
- However, it anticipates the transaction to close in the fourth quarter of 2017, subject to certain customary closing conditions.
Rising Competition in the European Market
As per a Reuter's source, Genuine Parts Co. ("GPC"), the Atlanta-based distributor of automotive and industrial replacement parts, proclaimed that it intends to foray into the European market by purchasing London-headquartered Alliance Automotive Group for $2 billion, including debt.
This move is intended to directly compete with its rival, LKQ. Currently, LKQ is the largest automotive parts' distributor in the European light vehicles aftermarket.
Last Close Stock Review
LKQ Corp.'s share price finished yesterday's trading session at $36.54, slipping 1.51%. A total volume of 2.06 million shares have exchanged hands, which was higher than the 3-month average volume of 1.26 million shares. The Company's stock price surged 7.76% in the last three months, 17.15% in the past six months, and 10.83% in the previous twelve months. Additionally, the stock rallied 19.22% since the start of the year. Shares of the Company have a PE ratio of 23.00 and currently have a market cap of $11.25 billion.
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