LKQ CORPORATION ANNOUNCES RESULTS FOR FOURTH QUARTER AND FULL YEAR 2015
•Annual revenue growth of 6.7% to $7.19 billion
•Annual organic revenue growth for parts and services of 7.0%
•Annual net income growth of 10.9% to $423.2 million
•Annual Diluted EPS of $1.38; adjusted diluted EPS of $1.42
•Fourth quarter 2015 diluted EPS of $0.31; adjusted diluted EPS of $0.32
•2016 annual guidance provided
Chicago, IL (February 25, 2016) - LKQ Corporation (Nasdaq:LKQ) today announced results for its fourth quarter and full year ended December 31, 2015. For the fourth quarter of 2015, net income was $95.1 million, an increase of 18.1% compared to the fourth quarter of 2014, and diluted earnings per share was $0.31, a 19.2% increase year over year. For the full year 2015, net income was $423.2 million, an increase of 10.9% compared to 2014, and diluted earnings per share was $1.38, a 10.4% increase over the $1.25 reported for 2014. The Company noted that full year 2015 and 2014 diluted earnings per share included charges equal to $0.04 and $0.02, respectively, per share resulting from restructuring and acquisition related expenses, losses on debt extinguishment and the change in fair value of contingent consideration liabilities. On an adjusted basis, EPS increased 11.8% to $1.42 in 2015 compared to $1.27 in 2014.
“We reached a major milestone in 2015 by surpassing $7 billion in annual revenue for the first time. I am particularly proud of the 19.2% growth in our diluted earnings per share in the fourth quarter, and the strong increase in the EBITDA margins of our European segment to 10.1% for full year 2015. These results are a testament to the hard work and dedication of our 31,000 plus employees,” stated Robert Wagman, President and Chief Executive Officer of LKQ Corporation.
Fourth Quarter 2015 Reported Results
For the fourth quarter of 2015, revenue was $1.75 billion compared with $1.68 billion for the fourth quarter of 2014, an increase of 3.8%. For the fourth quarter, parts and services organic revenue growth was 6.2% and acquisition revenue growth was 4.7%, while the impact of exchange rates was (2.9)%, for total parts and services revenue growth of 8.0%.
Full Year 2015 Reported Results
For the full year of 2015, revenue was $7.19 billion compared with $6.74 billion in 2014, an increase of 6.7%. Full year 2015 parts and services organic revenue growth was 7.0% and acquisition revenue growth was 7.1%, while the impact of exchange rates was (3.8)%, for total parts and services growth of 10.3%.
Balance Sheet and Liquidity
The following information was filed by Lkq Corp (LKQ) on Thursday, February 25, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.