LKQ Corporation Achieves Record Results For 2010

• Revenue of $2.5 billion for the year
• EPS of $1.15 for the year
• Provides 2011 guidance

CHICAGO, Feb. 24, 2011 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQX) today announced results for its fourth quarter and full year ended December 31, 2010. Income from continuing operations for the fourth quarter was $41.3 million and diluted earnings per share from continuing operations was $0.28. For the full year, income from continuing operations was $167.1 million and diluted earnings per share from continuing operations was $1.15.

"I am very pleased with the quarter and the year, as we continued our stellar financial performance, with revenue for the year growing 20.6% to $2.5 billion," commented Joseph Holsten, Vice Chairman and Co-Chief Executive Officer of LKQ Corporation. "We continued to see increased usage of alternative collision parts in 2010, which has allowed us to grow despite challenging economic conditions. Our organic revenue growth rate for parts and services was 7.0% during the fourth quarter."

Mr. Holsten added, "We also continued to grow through acquisitions. In 2010 we completed 20 acquisitions, which helped us to continue to build out our North American footprint and to add depth and breadth to our product offering. Revenue growth attributable to acquisitions was 10.7% in the fourth quarter of 2010. I expect 2011 will be another busy year for acquisitions."  

2010 Reported Results

For the fourth quarter of 2010, revenue was $674 million compared with $556 million for the fourth quarter of 2009, an increase of 21.3%. Income from continuing operations for the quarter was $41.3 million compared with $36.5 million in the prior year, an increase of 13.2%. The results of the fourth quarter of 2009 included an after tax gain on bargain purchase of $4.3 million. 

For the full year of 2010, revenue was $2.47 billion compared with $2.05 billion for the full year of 2009, an increase of 20.6%. Income from continuing operations for the full year was $167.1 million compared with $127.1 million for the prior year, an increase of 31.4%. Income from continuing operations for the full year included $0.7 million, or $0.4 million after tax, of restructuring expenses compared to $2.6 million, or $1.6 million after tax, for the prior year. The results of 2009 also included an after tax gain on bargain purchase of $4.3 million.