LKQ Corp. saw its first-quarter profit leap 67
percent as demand for parts grew and commodity prices dropped, the
company said April 29.
Chicago-based LKQ made $53.9 million
in the January through March period, up $21.6 million from the $32.3
million net income reported for the same period last year.
The
company earned 37 cents per share for the quarter, up from 23 cents in
the year-ago period. Revenue rose 18 percent to $603.5 million from
$510.9 million.
Income from continuing operations was 36
cents per share for the quarter, which beat Wall Street expectations.
Excluding special items and discontinued operations, analysts polled by
Thomson Reuters, on average, expected earnings of 28 cents per share on
revenue of $588.7 million.
"The
results reflect the strength of our parts sales businesses and improved
economies of scale," CEO Joseph Holsten said in a statement. "Higher
parts and services revenue combined with improved commodity prices led
to overall organic revenue growth of 10.7 percent."
LKQ also
entered the tire recycling business during the quarter by acquiring a
company in Sterling, Conn., and it opened self-service retail
sites in Georgia and North Carolina.
The company also raised
its earnings guidance for the rest of the year. It now expects
full-year income from continuing operations in a range of $154 million
to $163 million, or $1.06 to $1.12 per share.
Previous guidance was $145 million to $155 million, or $1 to $1.06 per share.
Analysts expect $1.05 per share, on average.
More information:
LKQ Achieves Record Results for 2009
