Saturday, 10 March 2012 00:52

LKQ Corp. Reports Record Results in 2011

LKQ Corp. has announced results for its fourth quarter and full year ended Dec. 31, 2011. Income from continuing operations for the fourth quarter was $56.1 million and diluted earnings per share were 38 cents, a 36 percent increase over the 28 cents per share reported for 2010. For the full year 2011, income from continuing operations was $210.3 million and diluted earnings per share were $1.42, a 23 percent increase over the $1.15 reported for 2010.

"We completed a successful 2011 with a solid fourth quarter," said Robert Wagman, president and CEO of LKQ Corp. "In 2011, the company surpassed $3 billion in revenue for the first time, and achieved double digit total organic revenue growth and diluted EPS growth despite the headwinds of high fuel costs, the high cost of salvage vehicles and the reduction in miles driven that we faced throughout the year."

Wagman added, "We made 21 acquisitions in 2011 including the purchase of Euro Car Parts. The financial performance of these businesses and their integration into our existing operations is progressing as expected."

For the fourth quarter of 2011, revenue was $939.6 million compared with $674.1 million for the fourth quarter of 2010, an increase of 39.4 percent.

For the full year of 2011, revenue was $3.27 billion compared with $2.47 billion in 2010, an increase of 32.4 percent. Acquisition revenue growth for 2011 was 21.5 percent.

During the fourth quarter, LKQ acquired four businesses including the previously announced Euro Car Parts acquisition, the largest automotive aftermarket parts distributor in the United Kingdom. In North America, the company acquired a heavy-duty truck business in Colorado, a wholesale salvage business in Idaho and a classic vehicle restoration parts and accessories distribution business in Georgia.

Based on current conditions and excluding restructuring expenses and any gains or losses related to acquisitions or divestitures (including changes in the fair value of contingent consideration liabilities), LKQ anticipates full year 2012 organic revenue growth from parts and services will be in the range of 5.5 percent to 7.5 percent, income from continuing operations will be in the range of $258 million to $278 million and diluted earnings per share from continuing operations will be in the range of $1.72 to $1.85.

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