LKQ Q4 income rose 155 percent
Feb. 26, 2010—LKQ Corp. announced its fourth quarter income—ending Dec. 31, 2009—from continuing operations was $36.5 million, or 25 cents diluted earnings per share. This is an increase of more 155.1 percent from $14.3 million in the prior year, or 10 cents diluted earnings per share.
In the fourth quarter of 2009, revenue rose to $555.9 million, a 19.6 percent increase from $464.8 million for the fourth quarter of 2008.
Revenue for the full year in 2009 reached $2.0 billion, a 7.3 percent increase from $1.9 billion for the full year of 2008.
Income from continuing operations for the full year was $127.1 million compared with $97.1 million for the prior year, an increase of 30.9 percent.
"We reached a major milestone in 2009 and exceeded the $2 billion revenue mark," said Joseph Holsten, LKQ Corp. president and chief executive officer. “The fourth quarter was particularly strong and reflected, I believe, a continued trend to expand the use of alternative collision parts.”
Holsten says the integration of LKQ’s business acquisitions in 2009—which included the purchase of Greenleaf Auto Recyclers in October—with its existing operations is progressing in-line with company expectations.
LKQ expects revenue from parts and services to grow organically by 6 percent to 8 percent.
"We anticipate that the current trends of improving miles driven and expansion in the utilization of alternative parts for collision repairs will continue in 2010 and support higher demand for the products we sell,” Holsten said.
LKQ estimates full year 2010 income from continuing operations will be between $145 million and $155 million, with diluted earnings per share from continuing operations in the range of $1.00 to $1.06.
Visit lkqcorp.com for more information on the fourth quarter and year-end report.