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LKQ CORPORATION ACHIEVES RECORD RESULTS FOR 2011
Revenue growth of 32% to $3.3 billion
Fourth quarter 2011 diluted EPS increases 36%
2011 diluted EPS increases 23%
Provides 2012 guidance
Chicago, IL (February 23, 2012) - LKQ Corporation (Nasdaq:LKQX) today announced results for its fourth quarter and full year ended December 31, 2011. Income from continuing operations for the fourth quarter was $56.1 million and diluted earnings per share was $0.38, a 36% increase over the $0.28 reported for 2010. For the full year 2011, income from continuing operations was $210.3 million and diluted earnings per share was $1.42, a 23% increase over the $1.15 reported for 2010.
We completed a successful 2011 with a solid fourth quarter, stated Robert Wagman, President and Chief Executive Officer of LKQ Corporation. 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.
Mr. 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.
Fourth Quarter 2011 Reported Results
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%. Income from continuing operations for the fourth quarter was $56.1 million compared with $41.3 million in the prior year, an increase of 35.9%. For the fourth quarter, organic revenue growth was 6.4%, and parts and services revenue grew organically by 5.6%. Acquisition revenue growth for the fourth quarter was 33.1%.
Full Year 2011 Reported Results
For the full year of 2011, revenue was $3.27 billion compared with $2.47 billion in 2010, an increase of 32.4%. Income from continuing operations for the full year was $210.3 million compared with $167.1 million for the prior year, an increase of 25.8%. For the full year of 2011, organic revenue growth was 10.7%, and parts and services revenue grew organically by 7.9%. Acquisition revenue growth for 2011 was 21.5%.
The following information was filed by Lkq Corp (LKQ) on Thursday, February 23, 2012 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.
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